ConAgra Foods: reports strong Q1/2010

Omaha / NE. (caf) ConAgra Foods Inc. reported results for the fiscal 2010 first quarter ended August 30, 2009. Diluted EPS from continuing operations was 0,37 USD; including 0,01 USD per diluted share of net expense from items impacting comparability. Excluding those items, diluted EPS from continuing operations was 0,38 USD. For the same period a year ago, diluted EPS from continuing operations of 0,23 USD included net 0,04 USD of expense from items impacting comparability. Summary:

• Diluted EPS from continuing operations of 0,37 USD as reported and 0,38 USD excluding items impacting comparability; EPS up 61 percent as reported and up 41 percent on a comparable basis.
• Consumer Foods´ operating profits increased 34 percent as reported and 43 percent on a comparable basis.
• Commercial Foods´ operating profits increased five percent.
• Guidance raised – fiscal 2010 diluted EPS from continuing operations, excluding items impacting comparability, expected to approach 1,70 USD.

Gary Rodkin, ConAgra Foods´ chief executive officer: «We are off to a strong start in fiscal 2010. The Consumer Foods segment posted significantly improved operating profits, along with good sales trends across the consumer branded portfolio, and we expect the balance of the year to show strong profits for this segment due to manageable inflation, good cost savings, sales growth, and favourable mix. Our Commercial Foods segment is poised for a solid profit performance in line with our expectations, and we are confident we will deliver our raised EPS guidance for this fiscal year».

Minor Segment Change: During the quarter, the company transferred the Alexia frozen operations from the Consumer Foods segment to the Commercial Foods segment, resulting in slightly changed historical amounts for segment sales and profits.

Details: see «ConAgra Foods Reports Strong First-Quarter EPS from Continuing Operations and Significant Growth in Consumer Foods´ Profitability – Increases Fiscal 2010 EPS Guidance» (press release).