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ConAgra Foods
posted a net loss in its fiscal fourth quarter.
ConAgra posted a quarterly loss of $324.2 million, or $0.77 per share, versus a year-ago profit of $192.2 million, or $0.46 per share, in the year-ago period. Excluding certain items, its adjusted earnings from continuing operations declined to $0.55 per share from $0.60 per share.
Its revenue dropped 2.8% to $4.44 billion. However, analysts were expecting earnings of $0.62 per share on revenue of $4.38 billion.
Its gross margin shrank to 20.4% from 21.1%, while input costs fell 2% to $3.53 billion.
ConAgra's consumer foods sales slipped 7.4% to $1.78 billion, while commercial foods sales rose 1% to $1.63 billion.
ConAgra's private-label business reported an operating profit of $44 million on sales of $1 billion in the quarter.
For the new fiscal year, ConAgra projects EPS to reflect a mid-single-digit rise versus the FY14 earnings of $2.17 per share. However, analysts were expecting a rise of 6% in EPS. Conagra projects FY operating cash flow of $1.6 billion to $1.7 billion.
Gary Rodkin, ConAgra Foods' chief executive officer, said, “We are disappointed with fiscal 2014 overall, and we have a very focused sense of urgency directed toward improving our results. Despite the difficult year, we were able to generate substantial cash, meet our debt reduction commitments, and pay a strong dividend.”
ConAgra shares gained 1.18% to $29.07 in pre-market trading.
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