ConAgra, #3 packaged food company in the U.S., said this morning its FQ3 2007 net income swung to $0.38/share, vs. a $0.05 loss in Q3 2006, and beating Street estimates of $0.35. EPS included $0.06/shares of costs related to the recent peanut butter recall. Sales revenue was up 2% to $2.92 billion, vs. consensus estimates of $2.79 billion. The company estimated total costs related to the peanut butter recall to be $50-60 million. ConAgra forecasts 2007 earnings at the high-end of a range of $1.28-1.33, and reiterated its projection of 8-10% annual growth between 2008-2010.
Sources: Press Release, MarketWatch
Commentary: Consumer Staples Far Below 50-DMA: Buying Opportunity? • ConAgra: Caught in the Act • ConAgra Looks Tasty For Profit-Hungry Investors
Stocks/ETFs to watch: ConAgra Foods Inc. (CAG). Competitors: Kraft Foods Inc. (KFT), Unilever plc (UL), Tyson Foods Inc. (TSN), Groupe Danone (DA), Smithfield Foods Inc. (SFD), General Mills Inc. (GIS), Campbell Soup Co. (CPB)
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