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ConAgra Foods Reports Loss

27 June 2014

US - ConAgra Foods, one of North America’s leading food companies, has reported a loss for the fourth quarter of 2014.

Diluted loss per share was $(0.76) compared to earnings per share a year ago of $0.45.

Gary Rodkin, ConAgra Foods’ chief executive officer, said: “We are disappointed with fiscal 2014 overall, and we have a very focused sense of urgency directed toward improving our results. Despite the difficult year, we were able to generate substantial cash, meet our debt reduction commitments, and pay a strong dividend.”

He continued: “Our focus is on improving branded volumes through more effective trade, marketing, and resource allocation, particularly on several large underperforming brands.

“We expect private brand profitability to strengthen through organic growth, strong synergies, and gradually improving price/mix. Some of the challenges from fiscal 2014 will still be with us in fiscal 2015, although we believe results will gradually improve throughout the fiscal year.

“Given that, we consider fiscal 2015 to be a year of stabilisation and recovery with a mid-single digit rate of EPS growth, which we expect to accelerate in fiscal 2016 and 2017 based on a stronger foundation.

“Throughout this period, we expect to benefit from strong productivity, robust cost synergies related to the Ralcorp acquisition, and SG&A efficiency and effectiveness initiatives.
“We will remain focused on growing our top line, continually improving our cost structure, and sound capital allocation.”


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