ConAgra Foods Lowers 2011 Q2 EPs Guidance to $.45

Today ConAgra Foods, Inc., CAG announced that its fiscal 2011 second-quarter diluted EPS will be lower than planned, at approximately $0.45 as reported and on a comparable basis. The company is revising its guidance for fiscal 2011 diluted EPS and now expects a low-single-digit rate of diluted EPS growth, adjusted for items impacting comparability, over the comparable $1.74 per share earned in fiscal 2010. Previously, the company expected fiscal 2011 diluted EPS to show 5-7% comparable growth. The downward revision reflects weaker-than-planned first-half EPS results, as well as earnings dilution resulting from early payment of payment-in-kind notes receivable by a debtor.