Exhibit 99.1

 

LOGO

    News Release

 

      For more information, contact:
     

Teresa Paulsen                MEDIA

     

Vice President,

     

Communication & External Relations

     

ConAgra Foods, Inc.

tel: 402-240-5210

     

Chris Klinefelter            ANALYSTS

     

Vice President, Investor Relations

     

ConAgra Foods, Inc.

tel: 402-240-4154

www.conagrafoods.com

 

 

FOR IMMEDIATE RELEASE

ConAgra Foods’ Fiscal 2012 Fourth-quarter Comparable EPS Grows;

Expects 6-8% Comparable EPS Growth in Fiscal 2013;

Adopts Change in Accounting for Pensions

Highlights (vs. year-ago amounts where applicable):

 

 

Due to adopting accounting changes for pensions, fiscal 2012 fourth-quarter diluted loss per share from continuing operations was $(0.21) as reported; adjusted for items impacting comparability, diluted EPS from continuing operations grew 9% to $0.51.

 

 

Consumer Foods posted a year-over-year comparable operating profit increase for the quarter, a significant turning point. Segment sales grew 6%, reflecting 6% favorable price/mix, 6% contribution from acquisitions, and a 5% organic volume decline. Foreign exchange weighed on sales growth by approximately 1%.

 

 

Commercial Foods’ sales grew 7%, and operating profit grew 7% for the quarter, primarily on the strength of the Lamb Weston potato operations.

 

 

The company completed the acquisitions of Del Monte Canada, Odom’s Tennessee Pride, and Kangaroo Brands’ pita chip operations during the quarter.

 

 

Accounting Changes Related to Pensions:

 

   

The company voluntarily adopted a new method for pension accounting during the quarter. This resulted in a year-end mark-to-market charge of $0.60 per diluted share, which is treated as an item impacting comparability.

 

   

Other aspects of these accounting changes, including the removal of pension-related amortization expense, added to EPS results in current and prior periods, as reported and on a comparable basis (thus changing the earnings base). These changes added $0.02 per diluted share to fiscal 2012 fourth quarter results. These changes did not materially impact fiscal 2011 fourth quarter EPS results.

 

   

Tables with revised historical amounts for fiscal 2011 and fiscal 2012, as reported and on a comparable basis, are provided with further commentary on these matters in the question-and-answer document associated with this release.

 

 

In fiscal 2013, the company expects year-over-year EPS growth of 6-8%, adjusted for items impacting comparability, and operating cash flow in excess of $1.2 billion.

 

-more-


The following information was filed by Conagra Brands Inc. (CAG) on Thursday, June 21, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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