On a GAAP basis, EPS totaled $0.51. Excluded items include $16 million in pretax income related to acquisition and restructuring costs and another $16 million pretax hedging costs.
The company’s CEO said:
We are pleased that both of our segments posted operating profit growth in the midst of current economic conditions. Effective margin management initiatives, moderating input cost inflation, the benefit of acquisitions, and good results from our potato operations are collectively driving high-quality EPS growth.
ConAgra announced in late November that it would acquire Ralcorp Holdings Inc. (NYSE: RAH) in a deal worth a total of about $6.8 billion, and that acquisition is on track to be completed by the end of the first calendar quarter of next year.
The company raised the low end of its full-year guidance from EPS of $2.03 to $2.06, which had been the high end of previous guidance. The boost includes the effect of a planned increase in marketing spending and does not include any benefit from the Ralcorp acquisition. The consensus estimate for 2013 EPS had been $2.07.
Shares are up 3.5% in premarket trading this morning, at $31.01, which would be a new 52-week high if it holds. The current 52-week range is $23.64 to $30.55. Thomson Reuters had a consensus analyst price target of around $33.70 before today’s results were announced.
Paul Ausick
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s made it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.