ConAgra Foods Slashes Q4 EPS Outlook - Quick Facts

(RTTNews) - Branded foods maker ConAgra Foods, Inc. (CAG) Wednesday said in a preliminary statement that fourth-quarter earnings will be below prior expectations, citing disappointing Consumer Foods volume performance. The revised projections will results in an estimated $681 million of non-cash impairment charges in the fiscal 2014 fourth quarter, the company said.

The company now expects loss per share of 0.76 for the fourth quarter. Excluding certain items, it sees earnings per share of $0.55. They had previously projected adjusted earnings to be slightly in excess of $0.60.

On average, 11 analysts polled by Thomson-Reuters expect earnings of $0.62 for the fourth quarter.

"We are disappointed with the Consumer Foods volume performance, which negatively impacted comparable EPS," said Gary Rodkin, CEO of ConAgra Foods

The company expects mid-single-digit comparable earnings per share growth in fiscal 2015, and high-single-digit growth in fiscal 2016 and 2017.

Quarterly operating profit from Private Brands is expected to decline by approximately $60 million from last year, chiefly due to pricing concessions.

The company also sees profit from Private Brands segment to be below original plans for the next several years .

ConAgra Foods is scheduled to report quarterly earnings, as well as its future outlook, on June 26.