ConAgra Foods reports loss in Q4 over pension accounting change
According to the company, it changed its methods of accounting for pensions during this quarter to o…According to the company, it changed its methods of accounting for pensions during this quarter to offer better transparency to its core business performance.
Excluding pension accounting changes, hedging items and other one-time charges, adjusted earnings from continuing operations were $0.51 per share, up from $0.47 per share a year ago.
Revenue increased 6.3% to $3.41bn, as the company passed the increasing costs of raw materials to consumers through price hikes.
ConAgra Foods chief executive officer Gary Rodkin said that despite the challenging business environment, the company has reported comparable year-over-year earnings per share growth for the fiscal fourth quarter, as planned.
In the fiscal 2013, the company expects to overcome the impact of marketplace challenges and post good earnings growth, due to the pricing actions taken in fiscal 2012, contributions from completed acquisitions, and moderating inflation, Rodkin added.
For the full year ended 27 May 2012, the net sales increased by 7.8% to $13.26bn, compared to $12.3bn in 2011, while the net income declined by 42.1% to $474.4m, compared to $819.4m in 2011.
