Today ConAgra Foods, Inc., (NYSE: CAG) reported results for the
fiscal 2016 second quarter ended November 29, 2015.
Highlights (% cited
indicates change vs. year-ago amounts, where applicable. SG&A
refers to selling, general, and administrative expense, and COGS
refers to cost of goods sold)
- Diluted EPS from continuing operations
as reported was $0.37, compared with $0.49 in the year-ago
period.
- After adjusting for items impacting
comparability, diluted comparable EPS of $0.71 this quarter was
ahead of $0.61 in the year-ago period; these amounts include
contribution from discontinued operations in both periods.
- As expected, fiscal second quarter
diluted comparable EPS of $0.71 includes approximately $46 million
of pretax benefit, or $0.07 per diluted share of after-tax benefit,
from the absence of depreciation and amortization for the private
label operations which are being divested. As discussed in the
fiscal first quarter, this is a result of these assets being
classified as held for sale.
- Consumer Foods posted double-digit
operating profit growth, as the benefit of favorable price/mix,
strong net productivity, and lower commodity input costs more than
offset increased marketing investment and the unfavorable impact of
foreign exchange.
- Commercial Foods posted double-digit
operating profit growth, largely on the strength of Lamb Weston’s
international volumes as well as lower product costs.
- During the quarter, the company
announced plans to:
- Generate $300 million of annual
efficiency improvements by the end of fiscal 2019, reflecting $200
million of expected SG&A savings and $100 million of trade
spend reduction,
- Relocate its corporate headquarters
from Omaha, NE to Chicago, IL, and
- Separate into two independent pure play
companies, Conagra Brands and Lamb Weston. The transaction is
expected to be structured as a spinoff of the Lamb Weston business,
tax free to the company and its shareholders, in the fall of
calendar 2016. Prior to the spinoff, each company will host an
investor day to outline financial goals and priorities.
- The previously announced sale of the
company’s private label operations (classified as discontinued
operations) to TreeHouse Foods, Inc. is on track and expected to
close in the first quarter of calendar 2016.
CEO Perspective:
“I am pleased with our performance in the second quarter,” said
Sean Connolly, CEO and president, ConAgra Foods. “In our branded
business we achieved our objective of delivering strong margin
expansion by continuing to focus on price/mix, productivity, and
portfolio segmentation. At Lamb Weston, we continued to generate
good growth, particularly in our international business.”
“We’re encouraged by the progress we’re seeing in advance of
separating into two independent pure-play companies, which is a
direct reflection of our team’s determination and commitment to
perform better and more consistently,” added Connolly.
“Our team has been very productive in the first half of the
fiscal year, with the divestiture of the private label operations,
the rollout of our cost-reduction program, the relocation of our
headquarters to Chicago, and the announcement of the plan to split
into two companies. The bold moves we’re making are positioning us
well to deliver long-term shareholder value,” concluded
Connolly.
Overall Quarterly Results
For the fiscal 2016 second quarter ended November 29, 2015,
diluted earnings per share from continuing operations were $0.37 as
reported, vs. $0.49 for the second quarter of fiscal 2015. After
adjusting for items impacting comparability, comparable diluted EPS
was $0.71 this quarter and $0.61 in the year-ago period. Items
impacting comparability are summarized and reconciled for
Regulation G purposes starting on page 10.
Consumer Foods SegmentBranded food items
sold worldwide in retail channels.
The Consumer Foods segment posted sales of approximately $2.0
billion and operating profit of $331 million in the fiscal second
quarter, as reported. Sales declined 3%, with a 3% volume decrease,
2% favorable price/mix, and a negative 2% impact of foreign
exchange (all rounded).
- Brands posting sales growth for the
quarter include Marie Callender’s, Slim Jim, Reddi-wip, Odom’s
Tennessee Pride, Blue Bonnet, Libby’s, Peter Pan, Egg Beater’s, PF
Chang’s, DAVID, Van Camp’s, Kid Cuisine, and Crunch ’n Munch.
- As previously discussed, the company is
eliminating some volume that does not meet profit standards; these
initiatives contributed to the 3% volume decline.
- Other brand details are in the written
Q&A document accompanying this release.
Segment operating profit was $331 million versus $301 million in
the year-ago period, as reported. After adjusting for $10 million
of net expense in the current quarter and $8 million of net expense
in the year-ago period from items impacting comparability, current
quarter operating profit of $341 million increased 10% over
comparable year-ago amounts. Strong productivity and overall lower
commodity input costs contributed to the quarterly profit growth.
Advertising investment increased $16 million, or 18%, consistent
with the company’s plans to increase support behind key brands to
drive long-term growth. Foreign exchange negatively impacted
profitability by approximately $12 million this quarter.
Commercial Foods SegmentSpecialty
potato, seasonings, blends, flavors, and bakery products, as well
as consumer branded and private label packaged food items, sold to
restaurants, foodservice and commercial channels worldwide.
Sales for the Commercial Foods segment were $1.1 billion, up 1%
over year-ago amounts (rounded), and operating profit was $162
million in the fiscal second quarter as reported. Sales for Lamb
Weston’s potato operations grew globally and drove the segment’s
sales gain. International sales performance for Lamb Weston was
notably strong, partly reflecting the lapping of the impact of the
West Coast port labor dispute in the year ago period as well as
improving demand in key Asian markets.
Segment operating profit of $162 million increased 11% after
adjusting for items impacting comparability. Lamb Weston made the
most significant contribution to the segment’s profit increase,
reflecting good international volumes and lower product costs.
Profits for the remainder of the segment grew modestly.
Hedging Activities
Hedge gains and losses are generally aggregated, and net amounts
are reclassified from unallocated Corporate expense to the
operating segments when the underlying commodity or foreign
currency being hedged is expensed in segment cost of goods sold.
The net of these activities resulted in $2 million of net expense
in the current quarter and $22 million of net expense in the
year-ago period. The company identifies these amounts as items
impacting comparability within the discussion of unallocated
Corporate results.
Other Items
- Unallocated Corporate amounts were $190
million of expense in the current quarter and $82 million of
expense in the year-ago period. Current-quarter amounts include $2
million of hedge-related expense and $123 million of expense
related to restructuring activities. Year-ago period amounts
include $22 million of hedge-related expense and $4 million of net
expense related to other items impacting comparability. Excluding
these amounts, unallocated Corporate expense was $65 million for
the current quarter and $56 million in the year-ago period,
reflecting higher incentive compensation expenses.
- Equity method investment earnings were
$25 million for the current quarter and $34 million in the year-ago
period; the year-over-year decrease reflects lower profits from the
Ardent Mills joint venture due to unfavorable wheat market
conditions.
- Net interest expense was $80 million in
the current quarter and $79 million in the year-ago period.
Capital Items
- Dividends for the quarter totaled $108
million versus $106 million in the year-ago period.
- The company did not repurchase any
shares during the quarter.
- The company repaid approximately $250
million of debt using a combination of commercial paper and
cash.
- For the current quarter, capital
expenditures for property, plant and equipment from continuing
operations were $69 million, compared with $67 million in the
year-ago period. Depreciation and amortization expense was
approximately $97 million for the fiscal second quarter; this
compares with a total of $96 million in the year-ago period.
Discontinued Operations:
Discontinued operations (currently the private label operations)
posted a loss of $0.02 per diluted share in the fiscal second
quarter as reported, reflecting an impairment charge of $0.18 per
diluted share. After adjusting for items impacting comparability,
the private label operations earned $0.13 per diluted share in the
fiscal second quarter and $0.09 in the year-ago period. The
company’s EPS guidance included expected contribution from the
private label operations.
As previously noted, because the private label operations are
now classified as assets held for sale, there is no longer any
depreciation or amortization expense for these assets. This
benefitted EPS from discontinued operations by approximately $0.07
per diluted share, or $46 million pretax this quarter, as
expected.
As previously disclosed, the company’s current estimate of
proceeds from the sale of the private label operations is
approximately $2.7 billion, which is expected to be used primarily
for debt reduction.
Outlook
The company currently expects fiscal 2016 third quarter
comparable EPS to be modestly higher than comparable year-ago
amounts. The company’s outlook includes expected contribution from
the private label operations (classified as discontinued
operations) in the current outlook and in the basis for comparison
a year-ago; as noted previously, results for discontinued
operations in the current fiscal year are benefitting from the
absence of depreciation and amortization expense.
The company expects to complete the divestiture of the private
label operations in the first quarter of calendar year 2016. The
company will comment on expectations for the remainder of fiscal
2016 once the sale of the private label transaction is
complete.
Major Items Impacting Second-quarter Fiscal 2016 EPS
Comparability
Included in the $0.37 diluted EPS from continuing operations for
the second quarter of fiscal 2016 (EPS amounts rounded and after
tax):
- Approximately $0.19 per diluted share
of net expense, or $133 million pretax, related to restructuring
charges. $123 million of this is classified within unallocated
Corporate expense (all SG&A) and $10 million is classified
within the Consumer Foods segment ($6 million COGS/ $4 million
SG&A).
- Approximately $0.02 per diluted share
of net expense related to tax items in connection with the planned
divestiture of the private label operations.
- Note: Comparable EPS contribution from
the private label operations, now classified as discontinued
operations, was approximately $0.13 per diluted share. Contribution
from the private label operations was included in original
guidance. The $0.13 per diluted share excludes $0.15 of net expense
from items impacting comparability, the largest of which was an
impairment charge of approximately $86 million pretax, or $0.18
after tax per diluted share. These amounts are shown as part of the
Regulation G reconciliation on page 10.
Included in the $0.49 diluted EPS from continuing operations for
the second quarter of fiscal 2015 (EPS amounts rounded and after
tax).
- Approximately $0.03 per diluted share
of net expense, or $22 million pretax, related to the
mark-to-market impact of derivatives used to hedge input costs,
temporarily classified in unallocated Corporate expense. Hedge
gains and losses are generally aggregated, and net amounts are
reclassified from unallocated Corporate expense to the operating
segments when the underlying commodity or foreign currency being
hedged is expensed in segment cost of goods sold.
- Approximately $0.02 per diluted share
of net expense, or $12 million pretax, resulting from restructuring
and integration costs. $4 million of this is classified as
unallocated Corporate expense (SG&A), $8 million is classified
within the Consumer Foods segment ($6 million in COGS, $2 million
SG&A).
- Approximately $0.02 per diluted share
of net benefit from favorable adjustments to prior-year tax
credits.
- Note: Prior year comparable EPS
included approximately $0.09 from operations subsequently
reclassified to discontinued operations. The $0.09 per diluted
share excludes items impacting comparability, the largest of which
is $0.51 of expense related to impairment charges. These amounts
are detailed as part of the Regulation G table on page 10.
Discussion of Results
ConAgra Foods will host a conference call at 9:30 a.m. EST today
to discuss the results. Following the company’s remarks, the call
will include a question-and-answer session with the investment
community. Domestic and international participants may access the
conference call toll-free by dialing 1-877-604-9673 and
1-719-325-4806, respectively. No confirmation or pass code is
needed. This conference call also can be accessed live on the
Internet at http://investor.conagrafoods.com.
A rebroadcast of the conference call will be available after 1
p.m. EST today. To access the digital replay, a pass code number
will be required. Domestic participants should dial 1-888-203-1112,
and international participants should dial 1-719-457-0820 and enter
pass code 6276397. A rebroadcast also will be available on the
company’s website.
In addition, the company has posted a question-and-answer
supplement relating to this release at
http://investor.conagrafoods.com. To view recent company news,
please visit http://media.conagrafoods.com.
ConAgra Foods, Inc., (NYSE: CAG) is one of North America's
largest packaged food companies with branded and private branded
food found in 99 percent of America’s households, as well as a
strong commercial foods business serving restaurants and
foodservice operations globally. Consumers can find recognized
brands such as Banquet®, Chef Boyardee®, Egg Beaters®, Healthy
Choice®, Hebrew National®, Hunt's®, Marie Callender's®, Orville
Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack
Pack® and many other ConAgra Foods brands, along with food sold by
ConAgra Foods under private brand labels, in grocery, convenience,
mass merchandise, club and drug stores. Additionally, ConAgra Foods
supplies frozen potato and sweet potato products as well as other
vegetable, spice, bakery and grain products to commercial and
foodservice customers. ConAgra Foods operates ReadySetEat.com, an
interactive recipe website that provides consumers with easy dinner
recipes and more. For more information, please visit us at
www.conagrafoods.com.
Note on Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management’s
current expectations and are subject to uncertainty and changes in
circumstances. These risks and uncertainties include, among other
things: ConAgra Foods’ ability to successfully complete the
spin-off of its Lamb Weston business on a tax-free basis, within
the expected time frame or at all; ConAgra Foods’ ability to
successfully complete the pending sale of its private brands
operations, within the expected time frame or at all; ConAgra
Foods’ ability to execute its operating and restructuring plans and
achieve its targeted operating efficiencies, cost-saving
initiatives, and trade optimization programs; ConAgra Foods’
ability to successfully execute its long-term value creation
strategy; ConAgra Foods’ ability to realize the synergies and
benefits contemplated by the Ardent Mills joint venture; risks and
uncertainties associated with intangible assets, including any
future goodwill or intangible assets impairment charges; the
availability and prices of raw materials, including any negative
effects caused by inflation or weather conditions; the
effectiveness of ConAgra Foods’ product pricing efforts, whether
through pricing actions or changes in promotional strategies; the
ultimate outcome of litigation, including litigation related to the
lead paint and pigment matters; future economic circumstances;
industry conditions; the effectiveness of ConAgra Foods’ hedging
activities, including volatility in commodities that could
negatively impact ConAgra Foods’ derivative positions and, in turn,
ConAgra Foods’ earnings; the success of ConAgra Foods’ innovation
and marketing investments; the competitive environment and related
market conditions; the ultimate impact of any ConAgra Foods’
product recalls; access to capital; actions of governments and
regulatory factors affecting ConAgra Foods’ businesses, including
the Patient Protection and Affordable Care Act; the amount and
timing of repurchases of ConAgra Foods’ common stock and debt, if
any; the costs, disruption and diversion of management’s attention
associated with campaigns commenced by activist investors; and
other risks described in ConAgra Foods’ reports filed with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K and subsequent reports on Forms 10-Q and
8-K. Investors and security holders are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date they are made. ConAgra Foods disclaims any
obligation to update or revise statements contained in this press
release to reflect future events or circumstances or otherwise.
Regulation G Disclosure Below is a reconciliation of
Q2 FY16 and Q2 FY15 diluted earnings per share from continuing
operations, Consumer Foods segment operating profit, and Commercial
Foods segment operating profit, adjusted for items impacting
comparability. Amounts may be impacted by rounding.
Q2 FY16 & Q2 FY15 Diluted EPS from Continuing
Operations Q2 FY16 Q2 FY15 % change
Diluted EPS from continuing operations $ 0.37
$ 0.49 -24 % Items impacting
comparability: Net expense related to restructuring charges 0.19
0.02 Net expense (benefit) related to unusual tax matters 0.02
(0.02 ) Net expense related to unallocated mark-to-market impact of
derivatives - 0.03
Diluted EPS from
continuing operations, adjusted for items impacting
comparability $ 0.58 $ 0.52 Net EPS
contribution subsequently reclassified to discontinued operations
(included in guidance/base)*:
$ 0.13 $
0.09 Diluted EPS, adjusted for items
impacting comparability $ 0.71 $
0.61 16 % Consumer Foods
Segment Operating Profit Reconciliation (Dollars in
millions)
Q2 FY16 Q2 FY15 % change Consumer
Foods Segment Operating Profit $ 331 $
301 10 % Net expense related to restructuring
charges 10 8
Consumer Foods
Segment Adjusted Operating Profit $ 341
$ 309 10 % Commercial
Foods Segment Operating Profit Reconciliation (Dollars
in millions)
Q2 FY16 Q2 FY15 % change
Commercial Foods Segment Operating Profit $
162 $ 147 10 % Net benefit
related to restructuring charges - (1 )
Commercial Foods Segment Adjusted Operating Profit $
162 $ 146 11 %
Q2 FY16 Q2 FY15 *Diluted EPS from
discontinued operations $ (0.02 ) $
(0.45 ) Items impacting comparability: Net expense
related to impairment of goodwill and other intangible assets $
0.18 $ 0.51 Net expense related to restructuring charges 0.01 0.01
Net benefit related to unusual tax matters (0.04 ) - Rounding
- 0.02
Diluted EPS from discontinued
operations, adjusted for items impacting comparability $
0.13 $ 0.09
ConAgra Foods, Inc.Segment Operating
Results(in millions)(unaudited)
SECOND QUARTER Thirteen weeks ended Thirteen weeks
ended November 29, 2015 November 23, 2014 Percent Change
SALES
Consumer Foods $ 1,983.2 $ 2,043.0 (2.9 )% Commercial Foods
1,109.5 1,093.4 1.0 % Total 3,092.7 3,136.4
(1.4 )%
OPERATING
PROFIT
Consumer Foods $ 330.9 $ 300.9 10.0 % Commercial Foods 162.2
146.8 10.5 % Total operating profit for
segments 493.1 447.7 10.1 %
Reconciliation of total
operating profit to income from continuing operations before income
taxes and equity method investment earnings Items excluded from
segment operating profit: General corporate expense (189.8 ) (82.4
) 130.3 % Interest expense, net (79.6 ) (78.7 ) 1.1 %
Income from continuing operations before income taxes and equity
method investment earnings $ 223.7 $ 286.6 (21.9 )%
Segment operating profit excludes general
corporate expense, equity method investment earnings, and net
interest expense. Management believes such amounts are not directly
associated with segment performance results for the period.
Management believes the presentation of total operating profit for
segments facilitates period-to-period comparison of results of
segment operations.
ConAgra Foods, Inc.Segment Operating
Results
(in millions)(unaudited)
SECOND QUARTER
Twenty-six weeksended
Twenty-six weeksended
November 29, 2015 November 23, 2014 Percent Change
SALES
Consumer Foods $ 3,676.8 $ 3,742.3 (1.8 )% Commercial Foods
2,209.7 2,157.1 2.4 % Total 5,886.5
5,899.4 (0.2 )%
OPERATING
PROFIT
Consumer Foods $ 571.5 $ 492.9 15.9 % Commercial Foods 301.9
266.8 13.2 % Total operating profit for
segments 873.4 759.7 15.0 %
Reconciliation of total
operating profit to income from continuing operations before income
taxes and equity method investment earnings Items excluded from
segment operating profit: General corporate expense (274.7 ) (197.4
) 39.2 % Interest expense, net (159.9 ) (162.0 ) (1.3
)% Income from continuing operations before income taxes and equity
method investment earnings $ 438.8 $ 400.3 9.6 %
Segment operating profit excludes general
corporate expense, equity method investment earnings, and net
interest expense. Management believes such amounts are not directly
associated with segment performance results for the period.
Management believes the presentation of total operating profit for
segments facilitates period-to-period comparison of results of
segment operations.
ConAgra Foods, Inc.
Consolidated Statements of Operations
(in millions)
(unaudited)
SECOND QUARTER Thirteen weeks ended Thirteen weeks
ended November 29, 2015 November 23, 2014 Percent Change Net
sales $ 3,092.7 $ 3,136.4 (1.4 )% Costs and expenses: Cost of goods
sold 2,264.7 2,379.1 (4.8 )% Selling, general and administrative
expenses 524.7 392.0 33.9 % Interest expense, net 79.6
78.7 1.1 % Income from continuing operations
before income taxes and equity method investment earnings 223.7
286.6 (21.9 )% Income tax expense 83.2 101.9 (18.4 )% Equity
method investment earnings 25.3 34.0
(25.6 )% Income from continuing operations 165.8 218.7 -24.2 % Loss
from discontinued operations, net of tax (6.5 )
(202.8 ) -96.8 % Net income $ 159.3 $ 15.9 901.9 %
Less: Net income attributable to noncontrolling interests
4.4 5.9 (25.4 )% Net income attributable to
ConAgra Foods, Inc. $ 154.9 $ 10.0 1449.0 %
Earnings (loss) per share - basic Income from continuing
operations $ 0.37 $ 0.50 -26.0 % Loss from discontinued operations
(0.01 ) (0.48 ) (97.9 )% Net income attributable to
ConAgra Foods, Inc. $ 0.36 $ 0.02 1700.0 %
Weighted average shares outstanding 433.8
425.7 1.9 % Earnings (loss) per share - diluted
Income from continuing operations $ 0.37 $ 0.49 -24.5 % Loss
from discontinued operations (0.02 ) (0.47 ) (95.7 )%
Net income attributable to ConAgra Foods, Inc. $ 0.35 $ 0.02
1650.0 % Weighted average share and share equivalents
outstanding 437.9 430.8 1.7 %
ConAgra Foods, Inc.
Consolidated Statements of Operations
(in millions)
(unaudited)
SECOND QUARTER
Twenty-six weeksended
Twenty-six weeksended
November 29, 2015 November 23, 2014 Percent Change Net sales
$ 5,886.5 $ 5,899.4 (0.2 )% Costs and expenses: Cost of goods sold
4,357.7 4,551.3 (4.3 )% Selling, general and administrative
expenses 930.1 785.8 18.4 % Interest expense, net 159.9
162.0 (1.3 )% Income (loss) from continuing
operations before income taxes and equity method investment
earnings 438.8 400.3 9.6 % Income tax expense 168.1 145.0
15.9 % Equity method investment earnings 62.3
59.6 4.5 % Income from continuing operations 333.0 314.9 5.7 %
Income (loss) from discontinued operations, net of tax
(1,326.1 ) 185.5 N/A Net income (loss) $ (993.1 ) $
500.4 N/A Less: Net income attributable to noncontrolling
interests 6.1 8.1 (24.7 )% Net income (loss)
attributable to ConAgra Foods, Inc. $ (999.2 ) $ 492.3 N/A
Earnings (loss) per share - basic Income from
continuing operations $ 0.75 $ 0.72 4.2 % Income (loss) from
discontinued operations (3.06 ) 0.44 N/A Net
income (loss) attributable to ConAgra Foods, Inc. $ (2.31 ) $ 1.16
N/A Weighted average shares outstanding 432.1
424.8 1.7 % Earnings (loss) per share -
diluted Income from continuing operations $ 0.75 $ 0.71 5.6
% Income (loss) from discontinued operations (3.04 )
0.43 N/A Net income (loss) attributable to ConAgra Foods,
Inc. $ (2.29 ) $ 1.14 N/A Weighted average share and
share equivalents outstanding 436.7 430.0 1.5
%
ConAgra Foods, Inc.
Consolidated Balance Sheet
(in millions)
(unaudited)
November 29, 2015 May 31, 2015
ASSETS Current
assets Cash and cash equivalents $ 95.9 $ 164.7 Receivables, less
allowance for doubtful accounts of $4.9 and $4.1 894.4 773.7
Inventories 1,975.6 1,721.1 Prepaid expenses and other current
assets 168.8 268.8 Current assets held for sale 777.8
739.4 Total current assets 3,912.5 3,667.7 Property, plant and
equipment, net 2,645.9 2,687.7 Goodwill 4,685.5 4,699.5 Brands,
trademarks and other intangibles, net 1,383.9 1,313.4 Other assets
987.6 933.5 Noncurrent assets held for sale 2,379.2
4,240.4 $ 15,994.6 $ 17,542.2
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Notes payable $ 195.0
$ 7.9 Current installments of long-term debt 1,309.8 1,008.0
Accounts payable 1,195.5 1,138.8 Accrued payroll 211.9 218.2 Other
accrued liabilities 727.0 642.8 Current liabilities held for sale
314.4 294.5 Total current liabilities 3,953.6 3,310.2
Senior long-term debt, excluding current installments 6,204.5
6,693.0 Subordinated debt 195.9 195.9 Other noncurrent liabilities
1,891.2 2,023.8 Noncurrent liabilities held for sale 234.7 709.3
Total stockholders' equity 3,514.7 4,610.0 $ 15,994.6
$ 17,542.2
ConAgra Foods, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(in millions) (unaudited)
Twenty-six weeks ended November 29,
2015 November 23, 2014 Cash flows from
operating activities: Net income (loss) $ (993.1 ) $ 500.4 Income
(loss) from discontinued operations (1,326.1 ) 185.5
Income from continuing operations 333.0 314.9 Adjustments to
reconcile income (loss) from continuing operations to net cash
flows from operating activities: Depreciation and amortization
188.8 191.4 Asset impairment charges 1.7 7.4 Lease Cancellation
Expense 48.5 — Earnings of affiliates in excess of distributions
(54.1 ) (52.4 ) Share-based payments expense 34.6 32.6
Contributions to pension plans (6.0 ) (6.0 ) Pension benefit — (4.6
) Other items (23.6 ) 14.7 Change in operating assets and
liabilities excluding effects of business acquisitions and
dispositions: Accounts receivable (126.0 ) (108.8 ) Inventory
(253.9 ) (391.1 ) Deferred income taxes and income taxes payable,
net (124.7 ) 19.5 Prepaid expenses and other current assets 23.2
30.0 Accounts payable 83.1 219.8 Accrued payroll (0.1 ) 47.3 Other
accrued liabilities 68.8 (28.3 ) Net cash
flows from operating activities — continuing operations 193.3 286.4
Net cash flows from operating activities — discontinued operations
124.7 131.3 Net cash flows from
operating activities 318.0 417.7 Cash
flows from investing activities: Additions to property, plant and
equipment (176.7 ) (157.6 ) Sale of property, plant and equipment
18.9 2.3 Purchase of business, net of cash acquired — (75.4 )
Purchase of intangible assets (10.4 ) — Return of investment in
equity method investee — 391.4 Other 0.3 —
Net cash flows from investing activities — continuing
operations (167.9 ) 160.7 Net cash flows from investing activities
— discontinued operations (69.1 ) 71.9 Net
cash flows from investing activities (237.0 ) 232.6
Cash flows from financing activities: Net short-term
borrowings 187.1 392.8 Issuance of long-term debt — 550.0 Repayment
of long-term debt (255.3 ) (1,489.2 ) Cash dividends paid (215.0 )
(211.7 ) Exercise of stock options and issuance of other stock
awards 153.3 55.2 Other items (2.8 ) (6.9 ) Net cash
flows from financing activities — continuing operations (132.7 )
(709.8 ) Net cash flows from financing activities — discontinued
operations — (0.2 ) Net cash flows from
financing activities (132.7 ) (710.0 ) Effect of
exchange rate changes on cash and cash equivalents (3.0 ) (1.5 )
Net change in cash and cash equivalents (54.7 ) (61.2 )
Discontinued operations cash activity included above: Add: Cash
balance included in assets held for sale at beginning of period
18.4 64.9 Less: Cash balance included in assets held for sale at
end of period 32.5 22.0 Cash and cash equivalents at beginning of
period 164.7 118.2 Cash and cash
equivalents at end of period $ 95.9 $ 99.9
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151222005090/en/
ConAgra Foods, Inc.MediaJon Harris,
630-857-1440orAnalystsChris Klinefelter,
402-240-4154www.conagrafoods.com
ConAgra Brands (NYSE:CAG)
Historical Stock Chart
From Feb 2024 to Mar 2024
ConAgra Brands (NYSE:CAG)
Historical Stock Chart
From Mar 2023 to Mar 2024