ConAgra Foods Q4 Sales Decline To $3.06bn
Published:25-June-2010
By Staff Reporter
ConAgra Foods, a North American food company, has reported sales of $3.06bn for the fourth quarter ended May 30, 2010, a decrease of 5% compared to $3.22bn in the same quarter last year.
The Consumer Foods segment posted sales of $2.03bn and operating profit of $226m for the quarter. Fiscal fourth quarter sales for the Commercial Foods segment were $1.03bn, 6% below last year’s $1.10bn reflecting the impact of an extra week last year as well as lower flour milling sales in the current quarter due to the pass-through impact of lower underlying wheat costs.
For the fiscal year 2010, total sales were $12.08bn compared to $12.42bn in the prior year. Operating profit for the year was $1.65bn compared to $1.49bn in the previous fiscal year. Net income for the year was $725.8m or $1.62 per diluted share compared to $978.4m or $2.15 per diluted share in the last year.
Gary Rodkin, chief executive officer of ConAgra Foods, said: “We are pleased with our fiscal year, posting comparable diluted EPS of $1.74 and generating very strong operating cash flow of $1.4bn. We grew year-over-year unit and dollar market share in our Consumer Foods segment, reflecting successful sales, innovation, and marketing initiatives.
“This top-line progress, coupled with cost savings initiatives, allowed us to generate strong earnings, invest for the future, and more than offset challenges affecting our Commercial Foods segment.”
For the fiscal 2011, the company expects diluted EPS, adjusted for items impacting comparability, to reflect 8-10% growth from its fiscal 2010 diluted comparable EPS of $1.74. The company expects the EPS growth to be concentrated in the second half of the fiscal year.
