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News Breaks
March 5, 2013
09:16 EDTCHSCP, CAGConAgra says expects JV transaction to become accretive to EPS over time
ConAgra says in an 8K filing that securing third-party financing in an aggregate amount of no less than $600M on terms that are commercially reasonable and that do not, among other things, require credit support to be provided by any Owner, is a condition to close. Immediately upon completion of the Financing, all of the net proceeds thereof will be distributed to the Owners. The distribution will be approximately proportional to the Owners’ ownership interests in Ardent Mills, except that each Owner’s distribution will be adjusted to reflect any deviations in the working capital contributions of such Owner from specified target amounts and ConAgra Foods will receive a distribution that is slightly higher proportionally than its percentage ownership. ConAgra Foods currently plans to allocate its initial cash distribution from the Joint Venture to pay down debt. It is anticipated that the transaction will close late in calendar year 2013. ConAgra Foods plans to finalize the expected financial impacts of the transaction between now and the closing. Due to both the anticipated timing of the closing and expected allocation of proceeds toward debt reduction, the transaction is expected to be modestly dilutive, less than 5c, to fiscal 2014 diluted EPS, excluding items impacting comparability. Even with this impact, ConAgra Foods expects to post a strong growth rate of diluted EPS, excluding items impacting comparability, in bothhalves of fiscal 2014, primarily reflecting the contribution of diluted EPS, excluding items impacting comparability, from the recent Ralcorp Holdings, Inc. acquisition; this transaction does not alter the company’s expectations for previously announced cost synergies related to the Ralcorp acquisition. ConAgra Foods also expects the Joint Venture transaction to become accretive to its diluted EPS over time, as expected cost synergies from the transaction are realized.
News For CAG;CHSCP From The Last 14 Days
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December 18, 2014
12:26 EDTCAGOn The Fly: Midday Wrap
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10:04 EDTCAGConAgra sees private brands recovery taking longer than originally planned
Expects recovery for private brands segment to take longer than originally planned. Sees private brands "down" for the year, but still expects to meet FY company EPS commitments. Sees FY15 as a year of "foundation building." Expects having FX headwinds "to deal with." Expects inflation in proteins to be "manageable." Says committed to long-term vision for private brands. CEO Gary Rodkin says still intends to retire in May, but will be flexible. Says CEO search ongoing. Says international shipments disrupted by longshoremen labor dispute, says issues may cause further disruption. Sees other units offsetting weakness in private brands. Sees operating margin growing double digit levels over next few years. Says capital allocation priority will be repayment of debt. Intends to maintain current annual dividend rate, will limit share repurchases. Expects limited acquisition activity as company repays debt. Sees good sales, profit growth for commercial foods in FY15. Comments made on the Q2 earnings conference call. ConAgra shares are down 4.42% to $35.46 in morning trading.
07:32 EDTCAGConAgra sees FY15 adjusted EPS up MSD over FY14
The company continues to expect fiscal 2015 diluted EPS, adjusted for items impacting comparability, to show a mid-single digit rate of growth over the comparable diluted EPS of $2.17 earned in fiscal 2014. Consensus is $2.25. For the full fiscal year, a continuation of good performance from Consumer Foods and Commercial Foods, as well as the benefit of productivity and efficiency initiatives, are expected to offset a profit decline in the Private Brands segment. The company continues to expect operating cash flow to be in the range of $1.6 billion-$1.7 billion, and to reduce debt by a total of $1 billion in fiscal 2015, thereby reaching its broader debt reduction goals for the fiscal 2013-2015 period.
07:31 EDTCAGConAgra reports Q2 comparable EPS 61c, consensus 61c
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December 17, 2014
15:18 EDTCAGNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Accenture (ACN), consensus $1.20; ConAgra (CAG), consensus 61c; Rite Aid (RAD), consensus 5c; Sanderson Farms (SAFM), consensus $4.01; Actuant (ATU), consensus 42c.
December 12, 2014
12:33 EDTCAGConAgra volatility elevated into Q2 and outlook
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