Conagra Brands and Lamb Weston to Host Investor
Days in October
Today ConAgra Foods, Inc. (NYSE: CAG) reported results for the
fiscal 2017 first quarter ended August 28, 2016.
Highlights
(all comparisons are against the year ago period, unless
otherwise noted)
- GAAP diluted EPS from continuing
operations of $0.42 grew 10% from $0.38; adjusted diluted EPS from
continuing operations of $0.61, better than anticipated, grew 49%.
- “Adjusted” financial measures exclude
comparability items and are non-GAAP measures. Please see the end
of this release for reconciliations to the most directly comparable
GAAP measures.
- Net sales decreased 5%, largely driven
by the Company’s decisive actions to build a higher quality revenue
base, divestitures, and foreign exchange. Specifically,
divestitures and the impact of foreign exchange reduced sales
approximately 2 percentage points.
- Gross profit (net sales less cost of
goods sold) as a percent of net sales expanded approximately 200
basis points behind pricing and trade spending discipline, mix
improvement, and supply chain efficiencies.
- Completed sales of Spicetec Flavors
& Seasonings and JM Swank businesses during the quarter.
CEO Perspective
Sean Connolly, president and chief executive officer of ConAgra
Foods, commented, “We continue to make strong progress as we
reshape our portfolio, capabilities, and culture. Our efforts to
infuse focus and discipline into our consumer businesses are
clearly enabling us to expand our margins as we build a higher
quality revenue base, improve efficiency, and deliver stronger,
more consistent performance. While we are taking broad-based
actions to build a higher quality revenue base, the related volume
declines are concentrated in brands where we have historically
under-priced and over-promoted.”
He added, “I’m very pleased with the outstanding performance of
the Lamb Weston business this quarter. We look forward to sharing
more detailed information on Lamb Weston and Conagra Brands at each
company’s respective investor event next month.”
Total Company Results
Net sales decreased 5% as a result of volume declines associated
with the Company’s actions to build a higher quality revenue base,
partially offset by Lamb Weston’s continued growth and increased
price/mix. Divestitures and the impact of foreign exchange reduced
sales approximately 2 percentage points.
GAAP gross profit grew 3% to $724 million from $701 million in
the year-ago period, and adjusted gross profit grew 3% to $728
million. The increases were driven primarily by increased
price/mix, input cost favorability, and supply chain productivity,
which more than offset the decline in volume. As a percentage of
net sales, both GAAP gross profit and adjusted gross profit were
27% compared with 25% in the prior year.
GAAP diluted EPS from continuing operations for the first
quarter of fiscal 2017 was $0.42 compared to $0.38 in the year-ago
period, an increase of 10% from year-ago period. Adjusted diluted
EPS from continuing operations was $0.61, compared to $0.41 in the
year-ago period, an increase of 49%. The growth reflects strong
performance in the Commercial segment’s Lamb Weston business,
margin expansion in the Grocery & Snacks segment, lower
selling, general, and administrative (SG&A) expenses, and lower
interest expense as a result of debt reduction. These benefits were
partially offset by volume declines, the previously reported recall
in the Refrigerated & Frozen segment, and the impact of foreign
exchange.
New Reporting Segments
To align with the recent changes to the organization, the
Company now reports results in five reporting segments:
- Grocery & Snacks - Branded,
shelf-stable food items sold in retail channels in the United
States
- Refrigerated & Frozen - Branded,
refrigerated and frozen food items sold in retail channels in the
United States
- International - Branded food items sold
in retail channels outside the United States
- Foodservice - Food items sold to
restaurants, foodservice operators, and commercial customers
primarily in the United States
- Commercial - Lamb Weston, Spicetec
Flavors & Seasonings, and JM Swank businesses
The former Consumer segment consisted primarily of the new
Grocery & Snacks, Refrigerated & Frozen, and International
segments. The former Commercial segment consisted primarily of the
new Foodservice and Commercial segments. The new Commercial segment
consists primarily of the Lamb Weston business, which will be spun
off later this year. Following the completion of the spin-off,
Conagra Brands expects to report the results for the Lamb Weston
business as discontinued operations for all periods prior to the
spin-off. The Grocery & Snacks, Refrigerated & Frozen,
International, and Foodservice segments consist primarily of the
businesses that will remain with Conagra Brands following
completion of the spin-off.
Unconsolidated joint ventures will continue to be reported as
equity method investment earnings in the consolidated Statement of
Operations.
Grocery & Snacks
Segment
Net sales for the segment decreased 5%. More disciplined pricing
and trade promotion practices resulted in price/mix increasing 1%
while volume declined 6%.
Operating profit for the Grocery & Snacks segment reflected
strong margin expansion in the quarter. Supply chain productivity,
favorable input costs, disciplined pricing and trade promotion
practices, and continued SG&A discipline more than offset
decreased sales and drove a 29% increase in operating profit and a
31% increase in adjusted operating profit.
Refrigerated & Frozen
Segment
Net sales for the segment decreased 8% reflecting the Company’s
decisive actions to build a higher quality revenue base. Price/mix
increased 3%, while volume declined 11%, behind the impact from
increased pricing in Banquet frozen entrees and reduction of deep
trade and promotion discounts.
Operating profit and adjusted operating profit for the
Refrigerated & Frozen Segment grew 14%. Disciplined pricing
actions, favorable input costs, and supply chain productivity more
than offset decreased sales and the impact of the frozen food
product recall.
International Segment
Net sales for the segment decreased 6% to $195 million. The
Company estimates that the impact of foreign exchange decreased the
segment’s net sales by approximately 5%, while higher price/mix
partially offset a 2% volume decrease in the segment.
The International segment reported an operating loss of $149
million compared with operating profit of $17 million in the
year-ago period, reflecting goodwill and intangible impairment
charges of approximately $164 million pre-tax. As result of the
segment reorganization in the quarter, the Company now evaluates
goodwill impairment at a lower business level than in the past. As
part of this evaluation, significant foreign exchange movements and
weaker sales trends have negatively impacted the value of certain
businesses on a U.S. dollar basis. Adjusted segment operating
profit decreased 12% to $15 million.
Foodservice Segment
Net sales for the segment decreased 1% to $268 million.
Operating profit decreased 17% from $26 million in the year-ago
period to $22 million, and adjusted operating profit decreased 10%
to $24 million.
The segment was negatively affected by the normalization of egg
margins after last year’s avian influenza outbreak.
Commercial Segment
Lamb Weston’s 4% growth was more than offset by the impact of
the divested businesses, which drove a 2% net sales decrease for
the segment.
Operating profit grew 210% to $346 million, which includes $198
million of gains from the sales of the Spicetec Flavors &
Seasonings and JM Swank businesses, compared with operating profit
of $112 million in the year-ago period. Adjusted operating profit
grew 33% to $148 million as Lamb Weston’s sales growth and
favorable input costs more than offset the impact of the divested
businesses.
As previously announced, the Company completed the divestitures
of its Spicetec Flavors & Seasonings business and its JM Swank
business during the quarter. The Commercial segment includes the
results of these businesses through the completion of the sales of
the businesses on July 25, 2016.
Corporate Expenses
GAAP corporate expenses were $49 million in the quarter compared
with $79 million in the year-ago period. Adjusted corporate
expenses were $38 million in the quarter compared with $66 million
in the year-ago period, reflecting planned benefits from our cost
savings efforts, along with some benefits related to timing of
certain costs.
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 $1 million of net benefit
in the current quarter and $2 million of net loss in the year-ago
period. The company identifies these amounts as items that impact
comparability within the discussion of unallocated Corporate
results.
Other Items
Equity method investment earnings were $24 million for the
current quarter and $37 million in the year-ago period. The
decrease is primarily attributable to a decrease in Ardent Mills
profitability.
Net interest expense was $59 million in the current quarter and
$80 million in the year-ago period, driven by significant debt
reduction over the past several quarters.
Capital Allocation
The Company repaid approximately $550 million of debt in the
quarter.
Dividends paid during the quarter totaled $110 million compared
with $107 million in the year-ago period. In addition, the Company
repurchased approximately 1.8 million shares for $86 million during
the quarter.
Capital expenditures for property, plant and equipment were $117
million in the quarter, and depreciation and amortization was $93
million.
Outlook
The Company expects this to be the last earnings release as
ConAgra Foods.
The Company remains on-track to execute the spin-off of the Lamb
Weston business this fall. The spin-off will result in two
independent, publicly-traded, pure play companies, Conagra Brands
and Lamb Weston.
Conagra Brands and Lamb Weston have announced their intention to
host investor events on October 18, 2016 and October 13, 2016,
respectively. Each company expects to share more details, including
fiscal year 2017 and longer-term outlooks, growth initiatives,
efficiency programs, and capital allocation priorities, at these
events.
Major Items Impacting First-Quarter Fiscal 2017 EPS
Comparability
Included in the $0.42 diluted EPS from continuing operations for
the first quarter of fiscal 2017 (EPS amounts rounded and after
tax):
- Approximately $0.34 per diluted share
of net expense, or $164 million pretax ($150 million after tax),
related to an impairment charge in the Canadian business. (all
SG&A)
- Approximately $0.02 per diluted share
of net expense, or $14 million pretax ($9 million after tax),
related to restructuring plans. ($5 million in cost of goods sold
and $9 million in SG&A)
- Approximately $0.02 per diluted share
of net expense, or $10 million pretax ($10 million after tax),
related to the planned spin-off of Lamb Weston. (all SG&A)
- Approximately $0.17 per diluted share
of net gain, or $198 million pretax ($75 million after tax),
related to the gain on the sales of the Spicetec Flavors &
Seasonings and JM Swank businesses. (all SG&A)
- Approximately $0.02 per diluted share
of net gain from favorable adjustments to state tax assets related
to net operating and capital losses.
Included in the $0.38 diluted EPS from continuing operations for
the first quarter of fiscal 2016 (EPS amounts rounded and after
tax):
- Approximately $0.02 per diluted share
of net expense, or $17 million pretax ($11 million after tax),
related to restructuring charges. ($4 million in cost of goods
sold, and $13 million in SG&A)
- Approximately $0.01 from the impact of
rounding
Discussion of Results
ConAgra Foods will host a conference call at 9:30 a.m. EDT 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 1-888-855-5837 and
1-719-325-2237 and providing the conference ID of 1480143. 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. EDT today. To access the digital replay, a pass code number
will be required. Domestic and international participants may
access the digital replay by dialing 1-888-203-1112 and
1-719-457-0820, respectively, and entering the pass code of
1480143. 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.
About ConAgra Foods
ConAgra Foods, Inc. (NYSE: CAG) is one of North America's
leading packaged food companies with recognized brands such as
Marie Callender's®, Healthy Choice®, Slim Jim®, Hebrew National®,
Orville Redenbacher's®, Peter Pan®, Reddi-wip®, PAM®, Snack Pack®,
Banquet®, Chef Boyardee®, Egg Beaters®, Hunt’s® and many other
ConAgra Foods brands found in grocery, convenience, mass
merchandise and club stores. ConAgra Foods also has a strong
business-to-business presence, supplying frozen potato and sweet
potato products as well as other vegetable products to a variety of
well-known restaurants, foodservice operators and commercial
customers. 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 federal securities laws. These forward-looking
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. We undertake
no responsibility for updating these statements. Readers of this
press release should understand that these statements are not
guarantees of performance or results. Many factors could affect our
actual financial results and cause them to vary materially from the
expectations contained in the forward-looking statements, including
those set forth in this press release. These risks and
uncertainties include, among other things: our ability to
successfully complete the spin-off of our Lamb Weston business on a
tax-free basis, within the expected time frame or at all, and
achieve the intended benefits of the spin-off; general economic and
industry conditions; our ability to successfully execute our
long-term value creation strategy; our ability to access capital;
our ability to execute our operating and restructuring plans and
achieve our targeted operating efficiencies, cost-saving
initiatives, and trade optimization programs; the effectiveness of
our hedging activities, including volatility in commodities that
could negatively impact our derivative positions and, in turn, our
earnings; the competitive environment and related market
conditions; our ability to respond to changing consumer preferences
and the success of our innovation and marketing investments; the
ultimate impact of any product recalls and litigation, including
litigation related to the lead paint and pigment matters; actions
of governments and regulatory factors affecting our businesses,
including the Patient Protection and Affordable Care Act; the
availability and prices of raw materials, including any negative
effects caused by inflation or weather conditions; risks and
uncertainties associated with intangible assets, including any
future goodwill or intangible assets impairment charges; our
ability to realize the synergies and benefits contemplated by the
Ardent Mills joint venture; the costs, disruption, and diversion of
management's attention associated with campaigns commenced by
activist investors; and other risks described in our reports filed
from time to time with the Securities and Exchange Commission. We
caution readers not to place undue reliance on any forward-looking
statements included in this press release, which speak only as of
the date of this press release.
Q1 FY17 & Q1 FY16 Diluted EPS from
Continuing Operations
Q1 FY17 Q1 FY16
% Change Diluted EPS from continuing
operations $ 0.42 $ 0.38
10.5 % Net expense related to restructuring plans
0.02 0.02 Net expense related to Lamb Weston spin preparation 0.02
— Net benefit related to gain on Spicetec sale (0.13 ) — Net
benefit related to gain on JM Swank sale (0.04 ) — Net expense
related to goodwill and intangible impairment charges 0.34 — Net
benefit related to unusual tax items (0.02 ) — Rounding —
0.01
Diluted EPS from continuing operations,
adjusted for items impacting comparability $ 0.61
$ 0.41 48.8 %
Grocery & Snacks Segment Operating
Profit Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change Grocery
& Snacks Segment Operating Profit $ 180.5
$ 139.5 29.4 % Net expense related to
restructuring plans 4.9 2.4
Grocery &
Snacks Segment Adjusted Operating Profit $ 185.4
$ 141.9 30.7 %
Refrigerated & Frozen Segment
Operating Profit Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change Refrigerated
& Frozen Segment Operating Profit $ 92.2
$ 81.1 13.7 % Net expense related to
restructuring plans 5.0 4.1
Refrigerated
& Frozen Segment Adjusted Operating Profit $
97.2 $ 85.2 14.1 %
International Segment Operating Profit
Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change
International Segment Operating Profit (loss) $
(149.2 ) $ 16.5 N/A Net expense
related to restructuring plans 0.2 0.1 Net expense related to
goodwill and intangible impairment charges 163.6
—
International Segment Adjusted Operating
Profit $ 14.6 $ 16.6
(12.0 )%
Foodservice Segment Operating Profit
Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change Foodservice
Segment Operating Profit $ 21.7 $
26.1 (16.9 )% Net expense related to
restructuring plans 1.8 0.1
Foodservice
Segment Adjusted Operating Profit $ 23.5
$ 26.2 (10.3 )%
Commercial Segment Operating Profit
Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change Commercial
Segment Operating Profit $ 346.4 $
111.8 209.8 % Net benefit related to gain on
Spicetec sale (145.0 ) — Net benefit related to gain on JM Swank
sale (53.2 ) —
Commercial Segment Adjusted
Operating Profit $ 148.2 $
111.8 32.6 %
Total Segment Operating Profit
Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change Total
Segment Operating Profit (from above) $ 491.6
$ 375.0 31.1 % Total Adjustments Within
Segments (from above) (22.7) 6.7
Total
Adjusted Segment Operating Profit $ 468.9
$ 381.7 22.8 %
Corporate Expense
Reconciliation
(Dollars in millions)
Q1 FY17
Q1 FY16 % Change Selling,
general and administrative expenses $ 281.5
$ 405.4 (30.6 )% Less: selling, general
and administrative expenses from reporting segments 231.5 328.3
Plus: Corporate cost of goods sold (1.0 ) 2.2
Corporate
expenses $ 49.0 $ 79.3 Net expense
related to restructuring plans (2.2 ) (10.7 ) Net expense related
to Lamb Weston spin preparation (9.7 ) — Net income (expense)
related to hedging 1.0 (2.2 )
Corporate adjusted
expenses $ 38.1 $ 66.4
(42.6 )%
Gross Margin Reconciliation
Gross Margin: Gross Profit as a % of Net sales
Q1 FY17 Q1 FY16 Net sales $ 2,667.5 $
2,794.9 Cost of goods sold 1,943.4 2,093.8
Gross
Profit $ 724.1 $ 701.1 Net
expense related to restructuring plans included in cost of goods
sold 5.2 3.7 Net expense (income) related to hedging (1.0 ) 2.2
Gross Profit adjusted for items impacting
comparability $ 728.3 $ 707.0
Adjusted Gross Margin 27.3 % 25.3 % ConAgra Foods,
Inc. Segment Operating Results (in millions) (unaudited)
FIRST QUARTER Thirteen weeks ended
Thirteen weeks ended August 28, 2016 August 30, 2015
Percent Change
SALES
Grocery & Snacks $ 757.2 $ 800.5 (5.4 )% Refrigerated &
Frozen 604.6 657.6 (8.1 )% International 194.7 206.4 (5.7 )%
Foodservice 268.0 270.6 (1.0 )% Commercial 843.0 859.8
(2.0 )% Total 2,667.5 2,794.9 (4.6 )%
OPERATING
PROFIT
Grocery & Snacks $ 180.5 $ 139.5 29.4 % Refrigerated &
Frozen 92.2 81.1 13.7 % International (149.2 ) 16.5 N/A Foodservice
21.7 26.1 (16.9 )% Commercial 346.4 111.8 209.8 %
Total operating profit for segments 491.6 375.0 31.1 %
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 (49.0 ) (79.3 ) (38.2 )% Interest
expense, net (59.0 ) (80.3 ) (26.5 )% Income from continuing
operations before income taxes and equity method investment
earnings $ 383.6 $ 215.4 78.1 %
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.
This press release includes certain non-GAAP financial measures,
including diluted earnings per share from continuing operations
adjusted for items impacting comparability, adjusted operating
profit for each of the Grocery & Snacks segment, the
Refrigerated & Frozen segment, the International segment, the
Foodservice segment and the Consumer Foods segment and adjusted
unallocated corporate expense. Management considers GAAP financial
measures as well as such non-GAAP financial information in its
evaluation of the company’s financial statements and believes these
non-GAAP measures provide useful supplemental information to assess
the company’s operating performance and financial position. These
measures should be viewed in addition to, and not in lieu of, the
company’s diluted earnings per share, operating performance and
financial measures as calculated in accordance with GAAP.
ConAgra Foods, Inc. Consolidated Statements of Operations
(in millions) (unaudited) FIRST QUARTER
Thirteen weeks ended Thirteen weeks ended
August 28, 2016 August 30, 2015 Percent Change Net sales $
2,667.5 $ 2,794.9 (4.6 )% Costs and expenses: Cost of goods sold
1,943.4 2,093.8 (7.2 )% Selling, general and administrative
expenses 281.5 405.4 (30.6 )% Interest expense, net 59.0
80.3 (26.5 )% Income from continuing operations before
income taxes and equity method investment earnings 383.6 215.4 78.1
% Income tax expense 218.7 85.0 157.3 % Equity method
investment earnings 23.6 37.0 (36.2 )% Income from
continuing operations 188.5 167.4 12.6 % Income (loss) from
discontinued operations, net of tax 1.5 (1,319.8 ) N/A
Net income (loss) $ 190.0 $ (1,152.4 ) N/A
Less: Net income attributable to noncontrolling interests 3.8
1.7 123.5 % Net income (loss) attributable to ConAgra
Foods, Inc. $ 186.2 $ (1,154.1 ) N/A Earnings
(loss) per share - basic Income from continuing operations $
0.42 $ 0.38 10.5 % Income (loss) from discontinued operations —
(3.06 ) (100.0 )% Net income (loss) attributable to ConAgra
Foods, Inc. $ 0.42 $ (2.68 ) N/A Weighted
average shares outstanding 439.0 430.7 1.9 %
Earnings (loss) per share - diluted Income from continuing
operations $ 0.42 $ 0.38 10.5 % Income (loss) from discontinued
operations — (3.03 ) (100.0 )% Net income (loss)
attributable to ConAgra Foods, Inc. $ 0.42 $ (2.65 ) N/A
Weighted average share and share equivalents
outstanding 442.7 435.7 1.6 % ConAgra Foods,
Inc. Consolidated Balance Sheet (in millions) (unaudited)
August 28, 2016 May 29, 2016
ASSETS Current assets Cash and cash equivalents $ 794.6 $
834.5 Receivables, less allowance for doubtful accounts of $4.8 and
$3.7 847.0 836.6 Inventories 1,637.9 1,582.1 Prepaid expenses and
other current assets 127.6 206.5 Current assets held for sale —
117.0 Total current assets 3,407.1 3,576.7 Property, plant
and equipment, net 2,736.8 2,710.3 Goodwill 4,390.6 4,530.1 Brands,
trademarks and other intangibles, net 1,243.5 1,276.8 Other assets
1,052.1 1,067.2 Noncurrent assets held for sale 5.8 229.5 $
12,835.9 $ 13,390.6
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Notes payable $ 35.1 $
38.8 Current installments of long-term debt 487.6 571.4 Accounts
payable 992.9 945.4 Accrued payroll 124.9 271.1 Other accrued
liabilities 724.3 651.0 Current liabilities held for sale —
54.7 Total current liabilities 2,364.8 2,532.4 Senior long-term
debt, excluding current installments 4,255.5 4,721.9 Subordinated
debt 195.9 195.9 Other noncurrent liabilities 2,220.1 2,144.1
Noncurrent liabilities held for sale — 1.5 Total stockholders'
equity 3,799.6 3,794.8 $ 12,835.9 $ 13,390.6
ConAgra Foods, Inc. and Subsidiaries Condensed
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Thirteen weeks ended August 28,
August 30, 2016 2015 Cash flows
from operating activities: Net income (loss) $ 190.0 $ (1,152.4 )
Income (loss) from discontinued operations 1.5 (1,319.8 )
Income from continuing operations 188.5 167.4 Adjustments to
reconcile income from continuing operations to net cash flows from
operating activities: Depreciation and amortization 92.7 91.7 Asset
impairment charges 164.1 0.6 Gain on divestitures (198.2 ) —
Earnings of affiliates in excess of distributions (9.1 ) (33.9 )
Share-based payments expense 8.6 9.2 Contributions to pension plans
(3.0 ) (2.7 ) Pension benefit (6.5 ) — Other items 9.0 (2.1 )
Change in operating assets and liabilities excluding effects of
business acquisitions and dispositions: Accounts receivable (9.2 )
(63.9 ) Inventory (58.7 ) (113.1 ) Deferred income taxes and income
taxes payable, net 220.0 4.1 Prepaid expenses and other current
assets 15.9 11.0 Accounts payable 72.1 51.8 Accrued payroll (146.0
) (55.3 ) Other accrued liabilities (3.3 ) (0.9 ) Net cash flows
from operating activities — continuing operations 336.9 63.9 Net
cash flows from operating activities — discontinued operations
(11.0 ) 29.2 Net cash flows from operating activities 325.9
93.1 Cash flows from investing activities: Additions
to property, plant and equipment (117.4 ) (101.6 ) Sale of
property, plant and equipment 3.0 12.9 Proceeds from divestitures
486.3 — Purchase of intangible assets — (10.4 ) Net cash
flows from investing activities — continuing operations 371.9 (99.1
) Net cash flows from investing activities — discontinued
operations — (26.4 ) Net cash flows from investing
activities 371.9 (125.5 ) Cash flows from financing
activities: Net short-term borrowings (3.7 ) 5.2 Repayment of
long-term debt (554.2 ) (2.5 ) Payment of intangible asset
financing arrangement (14.9 ) — Repurchase of ConAgra Foods, Inc.
common shares (85.6 ) — Cash dividends paid (109.5 ) (107.1 )
Exercise of stock options and issuance of other stock awards 32.6
93.6 Other items (2.4 ) (1.4 ) Net cash flows from financing
activities — continuing operations (737.7 ) (12.2 ) Net cash flows
from financing activities — discontinued operations — —
Net cash flows from financing activities (737.7 ) (12.2 )
Effect of exchange rate changes on cash and cash equivalents — (1.6
) Net change in cash and cash equivalents (39.9 ) (46.2 )
Discontinued operations cash activity included above: Add: Cash
balance included in assets held for sale at beginning of period —
18.4 Less: Cash balance included in assets held for sale at end of
period — 22.6 Cash and cash equivalents at beginning of period
834.5 164.7 Cash and cash equivalents at end of
period $ 794.6 $ 114.3
See notes to the condensed consolidated
financial statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160929005299/en/
ConAgra Foods, Inc.MEDIA: Jon
Harris312-549-5356Jon.Harris@ConAgraFoods.comorANALYSTS:
Johan Nystedt312-549-5002IR@ConAgraFoods.com
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