Last $30.60 USD
Change Today +0.01 / 0.03%
Volume 1.6M
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As of 12:31 PM 07/14/14 All times are local (Market data is delayed by at least 15 minutes).

conagra foods inc (CAG) Key Developments

ConAgra Foods, Inc. Completes Expansion of its Lamb Weston Frozen Potato Facility in Boardman, Ore

ConAgra Foods, Inc. completed expansion of its Lamb Weston frozen potato facility in Boardman, Ore. The $200 million investment announced in 2012 adds a new processing line to the plant, increasing capacity for making french fries and other frozen potato products, and also adds more than 100 jobs to the local economy. The 192,000 square foot, addition further enhances Lamb Weston's flexibility to make many different varieties of frozen potato and other vegetable products. The addition gives Lamb Weston five production lines in two plants in Boardman and increases capacity by an estimated 300 million pounds annually. Additionally, easy access to Port of Morrow supports Lamb Weston's domestic and international growth plans.

ConAgra Foods, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended May 25, 2014; Provides Earnings Guidance for the Year 2015

ConAgra Foods, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended May 25, 2014. For the quarter, the company reported net sales of $4,436.8 million against $4,563.3 million a year ago. Loss from continuing operations before income taxes and equity method investment earnings was $273.2 million against income from continuing operations before income taxes and equity method investment earnings of $278.2 million a year ago. Loss from continuing operations was $318.3 million against income from operations of $194 million a year ago. Net loss attributable to company was $324.2 million against net income attributable to company of $194 million a year ago. Loss per diluted share was $0.77 against earnings per diluted share of $0.45 a year ago. Capital expenditures from continuing operations for the quarter was $131 million against $163 million a year ago. Loss per and diluted share from loss from continuing operations was $0.76 against earnings per diluted share from continuing operations of $0.45 a year ago, due to significant impairment charges. After adjusting for items impacting comparability, current-quarter diluted EPS of $0.55 was 8% below the comparable $0.60 earned in the year-ago period. Total operating loss for segments was $115.2 million against total operating profit for segments of $561.8 million a year ago. For the year, the company reported net sales of $17,702.6 million against $15,426.6 million a year ago. Income from continuing operations before income taxes and equity method investment earnings was $576.4 million against $1,150.0 million a year ago. Income from continuing operations was $311 million against $786.8 million a year ago. Net income attributable to company was $303.1 million against $773.9 million a year ago. Earnings per basic and diluted share were $0.70 against $1.85 a year ago. Net cash flows from operating activities was $1,551.2 million against $1,412.2 million a year ago. Additions to property, plant and equipment was $602.4 million against $453.7 million a year ago. Purchase of intangible assets was $1 million against $4.8 million a year ago. Net debt was $8,811 million. Diluted EPS adjusted for items impacting comparability was $2.17 against $2.16 a year ago. Total operating profit for segments was $1,299 million against $1,854.6 million a year ago. The company announced that for the year 2015, it expects the tax rate to be in the range of 34%, excluding items impacting comparability. The company acknowledges that the quarterly rates may be different from this, given the timing of certain matters, but that the overall rate is expected to approximate 34%. Total capital expenditures for fiscal 2015 are projected to be approximately $600 million. Total depreciation and amortization for fiscal 2015 is projected to be approximately $560 million. Net interest expense for fiscal 2015 is projected to be approximately $330 million. The company expects comparable EPS in fiscal 2015 to reflect a mid-single digit rate of growth over the comparable base of $2.17 in fiscal 2014. With regard to the mid-single digit EPS growth expected in fiscal 2015, the company currently expects the EPS growth to be concentrated in the second half of the fiscal year. The company currently expects comparable EPS in the fiscal 2015 first quarter to be slightly below comparable year-ago amounts.

ConAgra Foods, Inc. Announces the Plans to Shutter Two Marion County Popcorn Production Facilities

ConAgra Foods announced that it plans to shutter two Marion County popcorn production facilities, U.S. Sen. In early June, ConAgra announced that it will close its Marion facility in October 2014, followed by its Morral, Ohio facility by the end of June 2015.

ConAgra Foods, Inc. Provides Annual Dividend Guidance

ConAgra Foods, Inc. plan to continue current $1.00 per share annual dividend payment.

ConAgra Foods, Inc. Revised Preliminary Earnings Guidance for the Fourth Quarter of Fiscal 2014; Provides Earnings Guidance for the Fiscal 2015; Expects Non-Cash Impairment Charges for the Fourth Quarter of 2014

ConAgra Foods, Inc. revised preliminary earnings guidance for the fourth quarter of fiscal 2014. For the quarter, the company expects diluted per share performance from continuing operations to be approximately $0.76, reflecting significant non-cash impairment charges as well as other items impacting comparability. After adjusting for items impacting comparability, fiscal 2014 fourth-quarter EPS is expected to be approximately $0.55; the company's previous guidance anticipated comparable EPS slightly in excess of $0.60 for the quarter. Even though the earnings are below expectations, it exceeded fiscal 2014 operating cash flow and debt reduction targets. The company expects mid-single-digit comparable earnings per share growth in fiscal 2015, and high-single-digit growth in fiscal 2016 and 2017. The revised projections will results in an estimated $681 million of non-cash impairment charges in the fiscal 2014 fourth quarter.

 

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CAG

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Valuation CAG Industry Range
Price/Earnings 43.7x
Price/Sales 0.7x
Price/Book 2.4x
Price/Cash Flow 42.5x
TEV/Sales 0.2x
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