ConAgra Foods Inc. (CAG: Quote) reported fourth-quarter net loss attributable to the company of $86.2 million or $0.21 per share, compared with a profit of $250.1 million or $0.60 per share a year ago.
After adjusting for $0.72 of net expense in the current quarter, and $0.14 net benefit in the year-ago period, from items impacting comparability, quarterly earnings per share of $0.51 from continuing operations rose 9% versus the year-ago period's $0.47. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.50 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the three-month period were $3.41 billion, a 6.3% increase from $3.21 billion in the comparable period in 2011. Eight analysts estimated revenues of $3.38 billion for the quarter.
For fiscal 2013, the company expects 6% - 8% growth over the comparable earnings per share base of $1.84 in fiscal 2012, adjusted for items impacting comparability. This guidance reflects a continuation of challenging industry conditions, but overall earnings per share growth chiefly due to the benefit of contributions from businesses acquired in fiscal 2012; continued growth in its Lamb Weston potato operations; and successful margin management and moderating inflation in the Consumer Foods segment.
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by RTT Staff Writer
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