ConAgra Foods Inc, one of North America’s leading food companies, reported results for the fiscal 2009 third quarter ended February 22, 2009. Overall sales grew 6%. Diluted earnings per share from continuing operations were $0.43 for the quarter, an increase of 26% from prior-year levels of $0.34.
Consumer Foods posted 12% operating profit growth, and Commercial Foods operating profits were 3% lower than the year before.
Gary Rodkin, ConAgra Foods’ chief executive officer, said, "I am pleased that Consumer Foods profits grew over prior-year amounts and that we are positioned for even more improvement from that segment in the fiscal fourth quarter. Given our recent new product introductions, moderating inflation and strong cost savings, the foundation for this segment is much stronger than in recent years.
"We expected the slight decline in Commercial Foods profits given the exceptionally high profits generated in the year-ago period by capitalizing on opportunities in the turbulent wheat markets. We are confident in the strength of our underlying Commercial Foods operations and the ability of our management to navigate the current challenging economic conditions. We expect both of our operating segments to perform well in the fourth quarter and for supply chain savings and SG&A efficiencies to continue to be strong, resulting in fiscal 2009 EPS of slightly above $1.50, excluding items impacting comparability."
