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CONAGRA EXPECTS RECORD EARNINGS AGAIN IN FISCAL 1993

 CONAGRA EXPECTS RECORD EARNINGS AGAIN IN FISCAL 1993
 /repeating from earlier today/
 OMAHA, Neb., June 11 /PRNewswire/ -- ConAgra, Inc. (NYSE: CAG) today announced that the company expects its 13th consecutive year of record earnings per share in fiscal year 1993 which began June 1, following an expected earnings per share gain of approximately six percent in fiscal year 1992 which ended May 31. Compared to the prior year, fiscal 1993 earnings per share are expected to be up significantly in the last nine months of the year after a first quarter which is likely to show little change.
 For fiscal year 1992, ConAgra expects to report fourth quarter earnings per share approximately the same as the prior year's 43 cents. This would result in fiscal 1992 full year earnings of approximately $1.50 per share, up six percent from $1.42 in fiscal 1991. These are preliminary estimates. ConAgra plans to report fiscal 1992 results in early July. The figures per share above reflect a three-for-two split of ConAgra's common stock effective Dec. 2, 1991.
 Charles M. Harper, ConAgra's chairman and chief executive officer, commented, "Fiscal 1992 was particularly notable for two reasons. First, ConAgra will achieve record earnings per share despite severe, and in some cases unpredictable, temporary downturns in three major industry sectors. Second, and more important, fiscal 1992 was an important year for investing in and building ConAgra's trend line, or underlying, earning power -- our company's focus for more than 15 years."
 Harper continued, "In fiscal 1992, our investments to build ConAgra's trend line earning power ranged from technology development and application to increased production capacity to successful new consumer food products, including new Healthy Choice products. Based on recent sales levels, annualized sales of Healthy Choice products now exceed $800 million in retail sales dollars. We believe Healthy Choice will very likely become a $1 billion retail brand during fiscal 1993."
 Philip B. Fletcher, ConAgra's president and chief operating officer, said "ConAgra's businesses that performed well in fiscal 1992 should maintain good earnings momentum in the aggregate in fiscal 1993. Our businesses that were hurt by industry circumstances in fiscal 1992 should, in total, perform considerably better in fiscal 1993."
 Fletcher said, "We anticipate flat first quarter earnings because a number of businesses face more difficult comparisons in the first quarter and easier comparisons later in the year. Furthermore, we plan to spend quite heavily to support new product introductions during the first quarter. Also, the improvement trend in the general economy should benefit our markets more as the year progresses."
 In fiscal 1993, ConAgra expects a significant operating profit increase in the company's largest industry segment, Prepared Foods.
 Processed meats and shelf-stable foods should continue to increase operating profit. The specialty microwave foods, potato products and private label distribution businesses plan profit increases. The turkey products and seafood businesses should continue an improvement trend.
 The fiscal 1992 industry downturns described earlier occurred in consumer frozen foods, chicken products and fresh red meat operations, especially in the cattle feeding business.
 Cattle feeding returned to profitability a few months ago. Its likely rebound plus better total results in fresh beef and pork products are expected to bring stronger operating profit for the red meat business in fiscal 1993. Chicken products, like cattle feeding, experienced a cyclical industry downturn during fiscal 1992. Results could improve meaningfully in fiscal 1993 if industry supply is not excessive.
 The consumer frozen foods business has been through an industry war during the past year or so. The industry may or may not return soon to a normal competitive situation and more desirable margins. ConAgra's plans prepare the company for either course and a related range of earnings improvement in fiscal 1993.
 In ConAgra's Trading and Processing industry segment, operating profit is not expected to change a great deal in fiscal 1993, following dramatic earnings growth in fiscal 1992. In ConAgra's Agri-Products industry segment, the major businesses plan earnings gains, and the overall segment should have a good gain in the new year.
 For the year just ended, fiscal 1992, ConAgra expects to report a large operating profit increase for the Trading and Processing segment which also helped ConAgra's net earnings due to the favorable impact of export tax credits. ConAgra also expects to report an operating profit gain for the Prepared Foods segment and not much change for the Agri- Products segment.
 -0- 6/11/92
 /CONTACT: Walt Casey of ConAgra, 402-595-4154, or (fax) 402-595-4595/
 (CAG) CO: ConAgra Inc. ST: Nebraska IN: FOD SU: ERP


TS -- NY021 -- 9116 06/11/92 09:33 EDT
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Date:Jun 11, 1992
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