ConAgra lowers fourth-quarter expectations
Blames continued weak performance in its packaged meat operations for the loss.
09/06/05 ConAgra Foods has lowered its fiscal fourth-quarter expectations by 10 cents a share. The loss results due to continued weak performance in its packaged meat operations.
The packaged food company also expects to book severance charges related to initiatives that are expected to save the company more than $100 million annually.
In a press release, ConAgra said fourth-quarter estimates, which exclude items that affect comparability, should be lower by an amount similar to the earnings shortfall of 10 cents a share in its packaged meats operations. Items that impact comparability will include severance charges associated with cost-savings initiatives in the fourth quarter ended May 29.
