ConAgra Foods Updates Analysts at Consumer Conference
February 21 2012 - 7:30AM
Business Wire
Today ConAgra Foods (NYSE: CAG) will provide a company update to
analysts and investors at the annual Consumer Analyst Group of New
York Conference in Boca Raton, Fla. ConAgra Foods CEO Gary Rodkin,
President of Consumer Foods Andre Hawaux, and Chief Financial
Officer John Gehring will present the company’s accomplishments and
outlook.
Rodkin will discuss the company’s Recipe For Growth, which
focuses on expanding in adjacencies, international opportunities,
and private label operations. Hawaux will comment on Customer
Connect, a series of initiatives designed to strengthen customer
relationships and grow revenues for the Consumer Foods segment, and
he will also discuss Consumer Foods’ productivity initiatives.
Gehring will confirm that the company is on track to meet its
fiscal 2012 EPS expectations, previously communicated as a low to
mid-single-digit rate of EPS growth, adjusted for items impacting
comparability, over the comparable $1.75 earned in fiscal 2011, and
that the long term financial goals remain as follows:
- The company expects approximately 3%
annual sales growth.
- The company expects 6-8% EPS growth
annually, adjusted for items impacting comparability.
- The company expects Return on Invested
Capital to be 13-14%, adjusted for items impacting
comparability.
- Paying a top-tier dividend remains a
priority for the company.
- The company expects to repurchase
shares and invest in growth, both organically and through
acquisitions, as opportunities arise.
Rodkin commented, “While current conditions are certainly
challenging, we are confident in our strong foundation and our
ability to successfully execute our initiatives over the long term.
We plan to leverage our operating competencies and utilize our
sizeable cash flow to create long-term shareholder value through
organic growth and prudent capital allocation.”
The presentation that accompanies today’s remarks will be
archived on the company’s website under the section for
Investors.
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, Slim Jim, Snack Pack and
many other ConAgra Foods brands in grocery, convenience, mass
merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet
potato products as well as 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 within the
meaning of the Private Securities Litigation Reform Act of 1995.
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, including any negative effects caused
by inflation; the effectiveness of the company’s product pricing,
including any pricing actions and promotional changes; future
economic circumstances; industry conditions; the company’s ability
to execute its operating and restructuring plans; the success of
the company's innovation, marketing, and cost-saving initiatives;
the competitive environment and related market conditions;
operating efficiencies; the ultimate impact of any product recalls;
the company’s success in efficiently and effectively integrating
the company’s acquisitions; access to capital; actions of
governments and regulatory factors affecting the company’s
businesses, including the Patient Protection and Affordable Care
Act; the amount and timing of repurchases of the company’s common
stock, if any; 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.
Regulation G Disclosure Below is a reconciliation of
diluted earnings per share adjusted for items impacting
comparability.
FY11 EPS - Reconciliation for Regulation G
Purposes Total FY11 Diluted EPS from
continuing operations $ 1.90 Items impacting
comparability: Expense related to restructuring charges 0.08
(Benefit) related to unallocated mark-to-market impact of
derivatives (0.05 ) (Benefit) related to receipt of insurance
proceeds from Garner, N.C., accident (0.15 ) (Benefit) of gain on
early repayment of Trading & Merchandising divestiture-related
PIK note (0.04 ) Rounding 0.01
Diluted EPS
adjusted for items impacting comparability $ 1.75
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