Packaged foods company ConAgra Foods (CAG) Tuesday said its full-year outlook for fiscal 2013 earnings per share has been raised to a target of $2.15, adjusted for items impacting comparability.
This includes around $0.05 per share contribution from recently acquired Ralcorp, as well as higher-than-planned contribution from the Consumer Foods and Commercial Foods operating segments, and tax favorability.
The company's forecast, issued in December 2012, expected adjusted earnings per share to be at least $2.06 in 2013.
On average, 14 analysts polled by Thomson Reuters expect earnings of $2.13 per share for the year. Analysts' estimates typically exclude special items.
The company currently expects Ralcorp to add about $0.25 to fiscal 2014 adjusted earnings per share. Wall Street looks for earnings of $2.41 per share.
Considering the debt utilized to purchase Ralcorp, ConAgra Foods will focus on aggressive debt reduction through the end of fiscal 2015.
The company plans to maintain its $1.00 per share annualized dividend throughout that period, and will evaluate dividend increases when its near-term debt reduction goals have been met.
The company is expected to present to the Consumer Analyst Group of New York today at that group's annual conference in Boca Raton, Florida. Representatives will discuss progress with the company's strategic roadmap, known as its Recipe for Growth.
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