ConAgra Foods Reports Fiscal 2011 First-Quarter EPS of $.34; Revises Outlook

ConAgra Foods, Inc., CAG one of North America's leading packaged food companies, today reported results for the fiscal 2011 first quarter ended Aug. 29, 2010. Diluted EPS from continuing operations was $0.32, including $0.02 per diluted share of net expense from items impacting comparability. Adjusting for those items, diluted EPS from continuing operations was $0.34, which is below comparable year-ago amounts. For the same period a year ago, diluted EPS from continuing operations as reported was $0.37, which included $0.01 of expense from items impacting comparability. Items impacting comparability in the current year and prior year are summarized toward the end of this release. The company now expects fiscal 2011 full-year diluted EPS, adjusted for items impacting comparability, to grow 5-7% over the base of $1.74 earned in fiscal 2010, although a modest year-over-year EPS decline is expected in the fiscal second quarter. Accordingly, the company expects the year's EPS growth versus year-ago amounts to occur entirely in the third and fourth fiscal quarters.