Costs related to the Ralcorp acquisition pressured results at ConAgra Foods, Inc. during the third quarter and contributed to a 57% decline in income for the Omaha-based company.
Net income for the quarter ended 24 February was $120 mill., equal to 29 cents per share on the common stock, which compared with $280.1 mill., or 68 cents per share, during the same quarter of the previous year. Sales for the quarter were $3,850.5 mill., up 13% from $3,396 mill. during the same quarter of the previous year.
The company said diluted earnings per share adjusted for items impacting comparability was 55 cents per share during the quarter.
The Consumer Foods segment posted operating profit of $805.7 mill. in the third quarter, up 3% from $783.8 mill. during the same quarter of the previous year. Sales for the quarter were $6,768.9 mill., up 9% from $6,227.1 mill.
Operating profit within the Commercial Foods segment was $475.5 mill., up 17% from $408.3 mill. during the same quarter of the previous year. The segment had sales of $3,837.2 mill., up 4% from $3,705.9 mill.
For the nine months ended 27 February, the company as a whole had income of $581.7 mill., or $1.42 per share, up 5% from $554.1 mill., or $1.34 per share, during the same period of the previous year. Sales for the nine months were $10,897.9 mill., up 10% from $9,933 mill.
Source: ConAgra Foods, Inc.