ConAgra income up 43% in quarter

by Bakingbusiness Staff
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OMAHA — Strong results in the Consumer Foods segment helped boost income at ConAgra Foods, Inc. by 43% during the second quarter.

Income for the quarter ended Nov. 29 was $239.7 million, equal to 54c per share on the common stock, which compared with income of $168.1 million, or 38c per share, during the same quarter of the previous year. Sales for the quarter were $3,172.6 million, down 2% from $3,251.7 million during the same quarter of the previous year.

"Our strong performance this quarter reflects continued momentum in the Consumer Foods segment and gives us heightened confidence in our fiscal 2010 e.p.s. outlook," said Gary Rodkin, chief executive officer. "Success with innovation and marketing drove significantly improved market shares and top-line progress in the Consumer Foods segment for the quarter while a more favorable input cost environment and strong cost savings substantially contributed to profit growth. We are very pleased with our success this year and with the increased e.p.s. outlook and expect to continue demonstrating the earnings power of our company with consistent and sustainable growth."

The Consumer Foods segment had an operating profit of $330 million, up 31% from $251.2 million during the same quarter of the previous year. Sales in the segment were $2,078.1 million, up 3% from $2,017 million during the same quarter of the previous year.

The Commercial Foods segment had income of $159.7 million, up 1% from $157.7 million during the same quarter of the previous year. Sales in the segment were $1,094.5 million, down 11% from $1,234.7 million during the same quarter of the previous year.

For the six months ended Nov. 29 the company posted income of $405.6 million, or 91c per share, down 34% from $610.5 million, or $1.33 per share, during the same period of the previous year. Sales for the six months were $6,134 million, down 3% from $6,308.2 million during the same period of the previous year.

The company now expects its 2010 full-year diluted e.p.s. to approach $1.73.

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