ConAgra Foods Comments on Fiscal 2011 Second-quarter Diluted EPS and Reduces Fiscal 2011 Full-Year Diluted EPS Growth Expectations; Receives $554 Million in Cash from Repayment of Notes Receivable; Board Authorizes Additional Share Repurchases
Today ConAgra Foods, Inc., (NYSE: CAG) announced that its fiscal 2011 second-quarter diluted EPS will be lower than planned, at approximately $0.45 as reported and on a comparable basis. The fiscal second-quarter results primarily reflect difficult category conditions, softer-than-planned response to promotions, and higher-than-planned inflation in the Consumer Foods segment. Weaker-than-expected profits from the Lamb Weston specialty potato operations in the Commercial Foods segment also negatively impacted results.