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ConAgra Scores Third Quarter Loss
NEW YORK - Mar 23/06 - SNS -- ConAgra Foods Inc. reported a net loss of U.S. $31.7 million on sales of $2,878.9 million during the third quarter ending February 26, compared to a net profit of $165.3 million on sales of $2,756.3 million during the same three month period of the previous fiscal year.
This reduced the fiscal year to date profit to $483.5 million on sales of $8,604.8 million, compared to a net of $539.4 million on sales of $8,505.1 million during the same nine month period of the previous fiscal year.
In reporting the loss, Gary Rodkin, President and Chief Executive Officer of ConAgra Foods said, "Although the underlying operating performance in the third quarter met our overall expectations, our fundamentals still need to be much stronger. As we discussed last week with the investment community, we expect to make meaningful progress going forward by simplifying our portfolio, aggressively attacking costs, and increasing investments behind key brands."
During the quarter, sales for the Foodservice Products segment increased 4% to $561 million, reflecting volume growth of 1%. Segment operating profit was $41 million in the third quarter, which includes $18 million of restructuring charges related to programs designed to reduce the company's ongoing operating costs.
The Foodservice Products segment operating profit for the year-ago period was $57 million, which included $10 million of expense related to fire damage at a specialty potato products facility.
During the quarter, sales for the Food Ingredients segment were $657 million, an increase of 8%; the increase reflects higher commodity prices and higher selling prices for wheat flour and dehydrated vegetable products.
Segment operating profit was $71 million in the third quarter. The Food Ingredients segment operating profit for the year-ago period was $60 million, which included a $15 million impairment charge related to strategic changes to the manufacturing network.
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