ConAgra Foods Reaffirms Fiscal 2009 EPS Guidance and Long-Term EPS Growth Expectations at Consumer Conference
February 17 2009 - 7:30AM
Business Wire
Today ConAgra Foods, Inc., (NYSE:CAG) will update the Consumer
Analyst Group of New York on the company�s progress and outlook at
that group�s annual conference in Boca Raton, Fla. ConAgra Foods
CEO Gary Rodkin, Consumer Foods President Andr� Hawaux, and Chief
Financial Officer John Gehring will discuss key strategic
priorities and share the company�s current financial outlook.
Regarding the near-term outlook (EPS amounts refer to earnings
per share from continuing operations, excluding items impacting
comparability):
- ConAgra Foods expects fiscal
2009 EPS of slightly above $1.50, with more earnings expected to be
generated in the company�s fiscal fourth quarter (March, April,
May) than the fiscal third quarter, in which it is currently
operating. This is a reaffirmation of previously communicated EPS
expectations for fiscal 2009.
- Regarding projections for fiscal
2010, the company expects EPS growth over fiscal 2009, and will
provide more details when it has completed its plans and has more
fully assessed the impacts of changing input costs and economic
conditions. The company expects improved Consumer Foods operating
profit in fiscal 2010 due to moderating input cost inflation,
anticipated benefits from its offering of brands and products that
appeal to value-conscious consumers, and new product
introductions.
Regarding the long-term outlook (EPS amounts refer to earnings
per share from continuing operations, excluding items impacting
comparability):
- The company expects annual EPS
growth of 8 percent to 10 percent over the long term.
- Return on invested capital is
expected to range from 12 percent to 13 percent over the long
term.
In today�s presentation, Rodkin and Hawaux will detail the
company�s strategic priorities, a significant rejuvenation of the
company�s frozen foods business, and new products that leverage the
company�s strengths in the convenient meals and snacking
categories. The product innovations are based on in-depth research
about consumer preferences and needs, and reflect the company�s
emphasis on nutrition, convenience, value, and taste. Progressive
and innovative marketing campaigns will support these
innovations.
�We continue to bring meaningful innovation and improve our
marketing efforts in ways that we believe will strengthen our brand
portfolio for the long term,� Rodkin said. �While economic
conditions are difficult right now, we are confident that our
refined strategic focus, the new items we are bringing to market,
the value orientation of our portfolio, and our cost-saving
programs will allow us to generate strong profitability. We remain
committed to sustainable profitable growth and look forward to
discussing our future progress.�
For more details please refer to the presentation itself, which
will be Webcast live today at 9:15 a.m. EST at
http://investor.conagrafoods.com and archived for one year.
ConAgra Foods, Inc., (NYSE: CAG) is one of North America�s
leading food companies, with brands in 97 percent of America�s
households. Consumers find Banquet, Chef Boyardee, Egg Beaters,
Healthy Choice, Hebrew National, Hunt�s, Marie Callender�s, Orville
Redenbacher�s, PAM, Peter Pan, Reddi-wip and many ConAgra Foods
brands in grocery, convenience, mass merchandiser and club stores.
ConAgra Foods also has a strong business-to-business presence,
supplying potato, other vegetable, spice and grain products to a
variety of well-known restaurants, foodservice operators and
commercial customers. For more information, please visit us at
www.conagrafoods.com.
Note on Forward-looking Statements:
This release contains forward-looking statements. These
statements are based on management�s current views and assumptions
of future events and financial performance and are subject to
uncertainty and changes in circumstances. The company undertakes no
responsibility for updating these statements. Readers of this
release should understand that these statements are not guarantees
of performance or results. Many factors could affect the company�s
actual financial results and cause them to vary materially from the
expectations contained in the forward-looking statements. These
factors include, among other things, availability and prices of raw
materials, product pricing, future economic circumstances, industry
conditions, the company�s ability to execute its operating plans,
the competitive environment and related market conditions,
operating efficiencies, the ultimate impact of the company�s
recalls, access to capital, actions of governments and regulatory
factors affecting the company�s businesses and other risks
described in the company�s reports filed with the Securities and
Exchange Commission. The company cautions readers not to place
undue reliance on any forward-looking statements included in this
release, which speak only as of the date made.
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