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Dec. 22, 2015, 7:56 AM
- ConAgra Foods (NYSE:CAG) reports Commercial Foods segment sales rose 1% to $1.11B in FQ2.
- Consumer Food segment sales declined 2.9% to $1.983B with a 3% drop in volume.
- Gross margin rate improved 270 bps to 26.8%.
- SG&A expense rate expanded 450 bps to 17%.
- Adjusted segment profit: Consumer Foods: $341M (+10%); Commercial Foods: $162M (+11%).
- The company expects to complete the divestiture of Private brands operations in the first quarter of CY2016.
- CAG +1.05% premarket.
Dec. 22, 2015, 7:31 AM
Oct. 22, 2015, 7:45 PM
- Reuters reports TreeHouse (NYSE:THS) is in late-stage talks to buy private-label foodmaker Ralcorp from ConAgra (NYSE:CAG).
- Neither company has moved yet after hours. Ralcorp, which makes cereals, cookies, crackers, pasta, and other food products, was acquired by ConAgra for $6.8B in 2013 after factoring debt.
- The NY Post reported of talks between TreeHouse and ConAgra in August.
Sep. 25, 2015, 2:04 PM
- Packaged food stocks are ahead of broad market averages for the day. There are some consistent themes playing out in the sector which have increased interest in select names. Topping the list are M&A potential, activist investor action, and good old-fashioned fundamental valuation.
- Gainers: Treehouse Foods (NYSE:THS) +3.1%, B&G Foods (NYSE:BGS) +2.9%, ConAgra Foods (NYSE:CAG) +2.7%, Kellogg (NYSE:K) +2.6%, General Mills (NYSE:GIS) +2.3%, Campbell Soup (NYSE:CPB) +2.3%, J.M. Smucker (NYSE:SJM) +1.6%.
Sep. 24, 2015, 5:37 PM
Sep. 22, 2015, 7:59 AM
- ConAgra Foods (NYSE:CAG) reports Commercial Foods segment sales grew 3.5% to $1.097B.
- Consumer Food segment sales fell 0.3% to $1.697B.
- Gross margin rate increased 370 bps to 25.1%.
- SG&A expense rate +20 bps to 14.5%.
- Adjsuted segment profit: Consumer Foods: $248M (+22%); Commercial Foods: $139M (+13%).
- Private brands operations classified as discontinued operations for the quarter.
- FQ1 results
Jun. 30, 2015, 8:04 AM
- ConAgra Foods (NYSE:CAG) reports Consumer Food segment sales rose 4.5% to $1.86B in FQ4.
- Commercial Foods segment sales grew 6.6% to $1.23B.
- Private brands segment sales fell 1% to $1.02B.
- Gross margin rate improved 94 bps to 22.24%.
- Adjsuted segment profit: Consumer Foods: $319M (+20%); Commercial Foods: $154M (+3%); Private brands: -$31M (-30%).
- Company plans to close Private brands operations.
- CAG +3.62% premarket.
Jun. 30, 2015, 7:33 AM
- ConAgra Foods (NYSE:CAG): FQ4 EPS of $0.59 in-line.
- Revenue of $4.1B (+3.5% Y/Y) misses by $40M.
- Shares +1.31% PM.
Jun. 19, 2015, 8:03 AM
- Jana Partners isn't likely to stay quiet after taking a stake in ConAgra (NYSE:CAG).
- The activist firm is already calling for a strategic review and capital allocation changes at ConAgra.
- Retail analysts see the development as a positive for shares in the mid-term.
- Deutshe Bank estimates a sum-of-the-parts valuation on ConAgra (CAG) of $47 if the company were to be broken up, although it concedes the board is likely to resists a break-up plan.
- ConAgra issued a statement indicating it will open discussions with Jana after FQ4 earnings are reported on June 30.
- Previously: ConAgra pops after Jana Partners takes a stake (Jun. 18 2015)
- CAG +6.0% premarket to $41.47.
Jun. 18, 2015, 4:52 PM
Mar. 26, 2015, 12:37 PM
- Deutsche Bank thinks 3G Capital will be back in the food sector for a major acquisition faster than some other investment firms anticipate.
- 3G put itself in a stronger position to make a major purchase by not adding debt in the Kraft deal.
- Analyst Eric Katzman sees some food names trading with a premium as the 3G shadow hangs over the sector, while others have downside risk with M&A speculation not making as much sense.
- Premium on: ConAgra (NYSE:CAG), General Mills (NYSE:GIS), Mondelez International (NASDAQ:MDLZ), Pinnacle Foods (NYSE:PF), PepsiCo (NYSE:PEP).
- Premium off: Campbell Soup (NYSE:CPB), Hershey (NYSE:HSY), Hormel (NYSE:HRL), Kellogg (NYSE:K), J.M. Smucker (NYSE:SJM).
- Previously: Investors snapping up food stocks (Mar. 25 2015)
- Previously: Beer fallout from Kraft buyout (Mar. 25 2015)
- Previously: Kraft-Heinz merger has a few ETFs on the move (Mar. 25 2015)
Mar. 26, 2015, 7:47 AM
- ConAgra Foods (NYSE:CAG) reports sales in its Consumer Foods segment fell 2% to $1.8B in FQ3 on flat volume.
- Operating profit was up 3% to $274M on a tighter advertising spend.
- The Commercial Foods segment saw a 1% gain in sales to $1B and 18% rise in operating profit to $145M.
- Private Brands segment sales -5% to $1B on volume declines across brands.
- Guidance: ConAgra sees FY15 EPS of $2.15-$2.19 vs. $2.14 consensus.
- CAG +1.6% premarket.
Mar. 24, 2015, 9:34 PM
- Kraft (NASDAQ:KRFT) finished AH trading at $71.44 following a WSJ report stating the company is in talks to sell itself to P-E firm 3G Capital. Mondelez (NASDAQ:MDLZ) rose 3.3% to $36.18, and ConAgra (NYSE:CAG) rose 1.9% to $35.27.
- The WSJ has added more details. Sources state a deal could be announced soon, and that 3G would use previously-acquired Heinz to make the purchase. It now calls buyout talks "advanced," and highlights 3G's track record of aggressively cutting costs at consumer companies it has acquired.
- The paper speculates Kraft "could be valued at well over $40 billion," given typical M&A premiums. The food/beverage giant closed AH with a $42.6B market cap.
Feb. 13, 2015, 5:36 PM
Feb. 12, 2015, 4:30 PM
- ConAgra (NYSE:CAG) lowers profit guidance due to the impact of the strong U.S. dollar.
- The company also concedes taking a loss on some commodity hedges.
- 2015 EPS of $2.13-$2.28 expected vs. $2.26 consensus.
- CAG -1.1% after hours.
Dec. 18, 2014, 8:15 AM
- ConAgra Foods (NYSE:CAG) reports Consumer Food segment sales fell 1.9% to $1.98B in FQ2.
- Commercial Foods segment sales were up 1.9% to $1.12B.
- Private brands segment sales dropped 4.8% to $1.05B.
- Gross margin rate declined 133 bps to 21.41%.
- Segment profit: Consumer Foods: $301.7M (+5.5%); Commercial Foods: $148.1M (+16.0%); Private brands: -$202.3M.
- FY2015 Guidance: Adjusted EPS: mid-single digit rate growth Y/Y; Operating cash flow: $1.6B to $1.7B; Debt: reduce by $1.0B.
- CAG -0.27% premarket
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