New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 18, 2014
11:26 EDTKRFT, DF, THS, CAG, SJMConAgra sinks after cutting EPS outlook for Q4
Shares of packaged foods company ConAgra (CAG) are sinking after the company lowered its fourth quarter adjusted earnings per share outlook below prior expectations. WHAT'S NEW: This morning, ConAgra cut its Q4 adjusted EPS view to approximately 55c compared to its prior view of slightly in excess of 60c per share. The consensus forecast of analysts for Q4 EPS prior to the report was 62c. The lower-than-expected comparable EPS is largely the result of a 7% quarterly volume decline for the Consumer Foods segment, as well as weak profits for the Private Brands segment. Gary Rodkin, CEO of ConAgra Foods, commented," We are disappointed with the Consumer Foods volume performance, which negatively impacted comparable EPS. As we have communicated, we are in the process of improving product mix and promotion strategies in the Consumer Foods segment for better results and greater effectiveness, and we expect our volume performance to improve in fiscal 2015 as a result of this. Given the profit challenges in our Private Brands segment, we are also focused on margin improvement initiatives to offset the impact of pricing concessions. Even though our earnings are below expectations, we exceeded our fiscal 2014 operating cash flow and debt reduction targets." WHAT'S NOTABLE: For FY15, the company expects a year of "'stabilization and recovery" that delivers mid-single-digit comparable EPS growth. The company expects that comparable EPS growth in fiscal 2016 and 2017 will accelerate to a high-single-digit rate as the company benefits from stronger underlying operations, generates sizable productivity and administrative savings and continues to realize substantial synergies from the Ralcorp transaction. The company, which remains committed to a strong dividend policy in the future, plans to continue its current $1.00 per share annual dividend payment. ConAgra said its current profit projections for the Private Brands segment are below original plans for the next several years. ANALYST REACTION: This morning, KeyBanc downgraded ConAgra to Hold from Buy. PRICE ACTION: In late morning trading, ConAgra fell $2.25, or about 7%, to $30.60 on nearly twice its average daily trading volume. Including today's pull back, the stock is down approximately 11% over the past 12 months. OTHERS TO WATCH: Shares of ConAgra peer Dean Foods (DF) are down about 2%, while Kraft Foods (KRFT) is down modestly. The J.M. Smucker Company (SJM) is virtually unchanged and TreeHouse Foods (THS) is down over 1.3%.
News For CAG;DF;SJM;THS;KRFT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 27, 2015
07:53 EDTKRFTKraft, Mondelez, others give statements at CAGNY conference, The Deal says
Subscribe for More Information
February 26, 2015
14:40 EDTTHSTreeHouse management to meet with SunTrust
Meetings to be held on the West Coast on March 4-5 hosted by SunTrust.
07:24 EDTSJMDunkin' Brands to host business news update conference call
Subscribe for More Information
06:07 EDTSJMDunkin' Brands, J.M. Smucker, Keurig expand partnership
Subscribe for More Information
February 17, 2015
15:54 EDTSJMJ.M. Smucker targets long-term EPS growth of 8% plus
Targets long term organic growth 3%-4%.
15:51 EDTSJMJ.M. Smucker share repurchase activity on hold in near time
Subscribe for More Information
08:08 EDTKRFTKraft Foods names James Kehoe CFO
Kraft Foods announced that it has named James Kehoe Executive Vice President and Chief Financial Officer. He rejoins the company from Gildan Activewear, a supplier of branded basic family apparel in Canada, where he most recently served as Executive Vice President and Chief Financial and Administrative Officer.
08:00 EDTKRFTGildan Activewear announces resignation of new CFO
Subscribe for More Information
07:15 EDTSJM, KRFTConsumer Analyst Group of New York (CAGNY) to hold a conference
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use