by Christopher Freeburn | June 21, 2012 11:47 am
ConAgra Foods (NYSE:CAG) posted a fourth-quarter loss of $86.2 million on Thursday, driven by charges resulting from a shift in its pension plan’s financial reporting. During the same time in 2011, it recorded a profit of $250.1 million.
Adjusted fourth-quarter EPS, which exclude the accounting charges, came in at 52 cents, compared to a loss of 21 cents including the charges. That surpassed Wall Street’s forecast of adjusted EPS of 51 cents, Reuters noted.
Fourth-quarter sales increased 6.3% to $3.41 billion. That also beat estimates of $3.38 billion. Investors liked the news, sending ConAgra shares up more than 3% in Thursday morning trading.
Looking forward, the company said it expected adjusted EPS to increase between 6% and 8% during the current fiscal year. It noted that commodity inflation had fallen to 6% compared to double digits seen in prior quarters.
ConAgra has recently acquired a number of other businesses, including Del Monte Canada, National Pretzel, Kangaroo Brands’ pita chips and Odom’s Tennessee Pride.
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