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CONAGRA FOODS FOURTH-QUARTER EPS GROWS AS PLANNED;
OUTLINES NEW STRATEGIC DIRECTION;
PLANS TO EXIT PRIVATE LABEL
OMAHA, Neb., June 30, 2015 Today ConAgra Foods, Inc., (NYSE: CAG) reported results for the fiscal 2015 fourth quarter ended May 31, 2015. Highlights:
|||Diluted EPS from continuing operations of $0.47 per share as reported, vs. a loss of $(0.95) a year ago. After adjusting for items impacting comparability, diluted EPS of $0.59 this quarter was ahead of $0.55 a year ago, as expected. An extra week in the fourth quarter of fiscal 2015 favorably impacted current-quarter amounts.|
|||Consumer Foods and Commercial Foods posted operating profit growth after adjusting for items impacting comparability, and including the benefit of the extra week.|
|||Private Brands posted an operating profit decline after adjusting for items impacting comparability, and including the benefit of the extra week.|
|||The company repaid approximately $1.1 billion of debt in fiscal 2015, resulting in cumulative debt reduction of approximately $2.1 billion since the completion of the Ralcorp transaction, which exceeded the $2.0 billion goal.|
|||The company plans to exit the Private Brands operations.|
|||The companys new plans for creating long-term value center on a more aggressive approach to cost reduction, growing consumer brands (Consumer Foods segment) and Lamb Weston (within the Commercial Foods segment), as well as balanced capital allocation. Details to be shared at an investor event later this year.|
Sean Connolly, chief executive officer of ConAgra Foods, said, With fiscal year 2015 now behind us, we are now pursuing a different plan to maximize value for our shareholders. Our new plan will center on a more aggressive approach to driving margin improvement through SG&A reductions, supply chain efficiencies and other projects. It also sharpens our focus on growing our Consumer Foods and Commercial Foods segments. We expect to continually refine our portfolio with prudent divestitures and acquisitions, and there will be a strong emphasis on deploying capital in ways that benefit shareholders.
The following information was filed by Conagra Brands Inc. (CAG) on Tuesday, June 30, 2015 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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