ConAgra Foods Reports Decline In Q3 Sales, Earnings Up

ConAgra Foods, Inc. reported results for the fiscal 2014 third quarter ended Feb. 23, 2014. Diluted earnings per share (EPS) from continuing operations was $0.58 as reported for the fiscal third quarter versus $0.28 in the year-ago period. After adjusting for items impacting comparability, current-quarter diluted EPS of $0.62 was 13 percent above the comparable $0.55 earned in the year-ago period. Consumer Foods sales declined in line with expectations, and comparable operating profit was flat. Challenges for a few key brands are weighing on overall segment sales results. Strong productivity, lower marketing expense, and other cost reductions benefited segment profits. Commercial Foods posted a slight decline in sales and a decrease in operating profit, as expected. The decrease in profit was due to previously discussed customer transition and crop quality issues in the Lamb Weston potato products business. Full report.