Ralcorp Sees Q3 EPS of $1.13-1.18 vs. $1.37 Est

Ralcorp Holdings, Inc. RAH today announced that, based upon information currently available, the Company expects that diluted earnings per share for the third quarter will be between $0.85 and $0.90. Excluding $0.24 of reductions related to economic hedges and $0.04 of reductions related to plant closures, mergers and integration, adjusted diluted earnings per share for the quarter is expected to be between $1.13 and $1.18. Ralcorp currently expects diluted earnings per share for the fiscal year ending September 30, 2011 to be between $5.01 and $5.16, including $0.12 of actual year-to-date reductions related to economic hedges and $0.07 of reductions related to provision for legal settlement, plant closures, mergers and integration. Excluding those special items, adjusted diluted earnings per share for the year is expected to be between $5.20 and $5.35 compared to the Company's prior expectation of $5.45 to $5.55, as announced on May 1, 2011. The Company reiterated that its recently announced accelerated cost reduction program is expected to result in an additional $80 to $100 million in operating profit in total over the fiscal years 2012-2014. The Company expects to spend additional capital of $115 to $135 million to complete these projects.