News Release
Fiscal 2016 Comparable Q2 EPS Above Expectations; Private Label Transaction Expected to Close Early 2016; Near Term Focus on Driving Efficiency and Lamb Weston Spin
Highlights (% cited indicates change vs. year-ago amounts, where applicable. SG&A refers to selling, general, and administrative expense, and COGS refers to cost of goods sold)
-
Diluted EPS from continuing operations as reported was
$0.37 , compared with$0.49 in the year-ago period. -
After adjusting for items impacting comparability, diluted comparable
EPS of
$0.71 this quarter was ahead of$0.61 in the year-ago period; these amounts include contribution from discontinued operations in both periods.-
As expected, fiscal second quarter diluted comparable EPS of
$0.71 includes approximately$46 million of pretax benefit, or$0.07 per diluted share of after-tax benefit, from the absence of depreciation and amortization for the private label operations which are being divested. As discussed in the fiscal first quarter, this is a result of these assets being classified as held for sale.
-
As expected, fiscal second quarter diluted comparable EPS of
-
Consumer Foods posted double-digit operating profit growth, as the benefit of favorable price/mix, strong net productivity, and lower commodity input costs more than offset increased marketing investment and the unfavorable impact of foreign exchange. -
Commercial Foods posted double-digit operating profit growth, largely on the strength of Lamb Weston’s international volumes as well as lower product costs. -
During the quarter, the company announced plans to:
-
Generate
$300 million of annual efficiency improvements by the end of fiscal 2019, reflecting$200 million of expected SG&A savings and$100 million of trade spend reduction, -
Relocate its corporate headquarters from
Omaha, NE toChicago, IL , and - Separate into two independent pure play companies, Conagra Brands and Lamb Weston. The transaction is expected to be structured as a spinoff of the Lamb Weston business, tax free to the company and its shareholders, in the fall of calendar 2016. Prior to the spinoff, each company will host an investor day to outline financial goals and priorities.
-
Generate
-
The previously announced sale of the company’s private label
operations (classified as discontinued operations) to
TreeHouse Foods, Inc. is on track and expected to close in the first quarter of calendar 2016.
CEO Perspective:
“I am pleased with our performance in the second quarter,” said
“We’re encouraged by the progress we’re seeing in advance of separating into two independent pure-play companies, which is a direct reflection of our team’s determination and commitment to perform better and more consistently,” added Connolly.
“Our team has been very productive in the first half of the fiscal year,
with the divestiture of the private label operations, the rollout of our
cost-reduction program, the relocation of our headquarters to
Overall Quarterly Results
For the fiscal 2016 second quarter ended
Consumer Foods Segment
Branded food items sold worldwide
in retail channels.
- Brands posting sales growth for the quarter include Marie Callender’s, Slim Jim, Reddi-wip, Odom’s Tennessee Pride, Blue Bonnet, Libby’s, Peter Pan, Egg Beater’s, PF Chang’s, DAVID, Van Camp’s, Kid Cuisine, and Crunch ’n Munch.
- As previously discussed, the company is eliminating some volume that does not meet profit standards; these initiatives contributed to the 3% volume decline.
- Other brand details are in the written Q&A document accompanying this release.
Segment operating profit was
Commercial Foods Segment
Specialty potato, seasonings,
blends, flavors, and bakery products, as well as consumer branded and
private label packaged food items, sold to restaurants, foodservice and
commercial channels worldwide.
Sales for the
Segment operating profit of
Hedging Activities
Hedge gains and losses are generally aggregated, and net amounts are
reclassified from unallocated Corporate expense to the operating
segments when the underlying commodity or foreign currency being hedged
is expensed in segment cost of goods sold. The net of these activities
resulted in
Other Items
-
Unallocated Corporate amounts were
$190 million of expense in the current quarter and$82 million of expense in the year-ago period. Current-quarter amounts include$2 million of hedge-related expense and$123 million of expense related to restructuring activities. Year-ago period amounts include$22 million of hedge-related expense and$4 million of net expense related to other items impacting comparability. Excluding these amounts, unallocated Corporate expense was$65 million for the current quarter and$56 million in the year-ago period, reflecting higher incentive compensation expenses. -
Equity method investment earnings were
$25 million for the current quarter and$34 million in the year-ago period; the year-over-year decrease reflects lower profits from the Ardent Mills joint venture due to unfavorable wheat market conditions. -
Net interest expense was
$80 million in the current quarter and$79 million in the year-ago period.
Capital Items
-
Dividends for the quarter totaled
$108 million versus$106 million in the year-ago period. - The company did not repurchase any shares during the quarter.
-
The company repaid approximately
$250 million of debt using a combination of commercial paper and cash. -
For the current quarter, capital expenditures for property, plant and
equipment from continuing operations were
$69 million , compared with$67 million in the year-ago period. Depreciation and amortization expense was approximately$97 million for the fiscal second quarter; this compares with a total of$96 million in the year-ago period.
Discontinued Operations:
Discontinued operations (currently the private label operations) posted
a loss of
As previously noted, because the private label operations are now
classified as assets held for sale, there is no longer any depreciation
or amortization expense for these assets. This benefitted EPS from
discontinued operations by approximately
As previously disclosed, the company’s current estimate of proceeds from
the sale of the private label operations is approximately
Outlook
The company currently expects fiscal 2016 third quarter comparable EPS to be modestly higher than comparable year-ago amounts. The company’s outlook includes expected contribution from the private label operations (classified as discontinued operations) in the current outlook and in the basis for comparison a year-ago; as noted previously, results for discontinued operations in the current fiscal year are benefitting from the absence of depreciation and amortization expense.
The company expects to complete the divestiture of the private label operations in the first quarter of calendar year 2016. The company will comment on expectations for the remainder of fiscal 2016 once the sale of the private label transaction is complete.
Major Items Impacting Second-quarter Fiscal 2016 EPS Comparability
Included in the
-
Approximately
$0.19 per diluted share of net expense, or$133 million pretax, related to restructuring charges.$123 million of this is classified within unallocated Corporate expense (all SG&A) and$10 million is classified within theConsumer Foods segment ($6 million COGS/$4 million SG&A). -
Approximately
$0.02 per diluted share of net expense related to tax items in connection with the planned divestiture of the private label operations. -
Note: Comparable EPS contribution from the private label operations,
now classified as discontinued operations, was approximately
$0.13 per diluted share. Contribution from the private label operations was included in original guidance. The$0.13 per diluted share excludes$0.15 of net expense from items impacting comparability, the largest of which was an impairment charge of approximately$86 million pretax, or$0.18 after tax per diluted share. These amounts are shown as part of the Regulation G reconciliation on page 10.
Included in the
-
Approximately
$0.03 per diluted share of net expense, or$22 million pretax, related to the mark-to-market impact of derivatives used to hedge input costs, temporarily classified in unallocated Corporate expense. Hedge gains and losses are generally aggregated, and net amounts are reclassified from unallocated Corporate expense to the operating segments when the underlying commodity or foreign currency being hedged is expensed in segment cost of goods sold. -
Approximately
$0.02 per diluted share of net expense, or$12 million pretax, resulting from restructuring and integration costs.$4 million of this is classified as unallocated Corporate expense (SG&A),$8 million is classified within theConsumer Foods segment ($6 million in COGS,$2 million SG&A). -
Approximately
$0.02 per diluted share of net benefit from favorable adjustments to prior-year tax credits. -
Note: Prior year comparable EPS included approximately
$0.09 from operations subsequently reclassified to discontinued operations. The$0.09 per diluted share excludes items impacting comparability, the largest of which is$0.51 of expense related to impairment charges. These amounts are detailed as part of the Regulation G table on page 10.
Discussion of Results
A rebroadcast of the conference call will be available after
In addition, the company has posted a question-and-answer supplement relating to this release at http://investor.conagrafoods.com. To view recent company news, please visit http://media.conagrafoods.com.
Note on Forward-looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These risks and uncertainties include, among other
things: ConAgra Foods’ ability to successfully complete the spin-off of
its Lamb Weston business on a tax-free basis, within the expected time
frame or at all; ConAgra Foods’ ability to successfully complete the
pending sale of its private brands operations, within the expected time
frame or at all; ConAgra Foods’ ability to execute its operating and
restructuring plans and achieve its targeted operating efficiencies,
cost-saving initiatives, and trade optimization programs; ConAgra Foods’
ability to successfully execute its long-term value creation strategy;
ConAgra Foods’ ability to realize the synergies and benefits
contemplated by the Ardent Mills joint venture; risks and uncertainties
associated with intangible assets, including any future goodwill or
intangible assets impairment charges; the availability and prices of raw
materials, including any negative effects caused by inflation or weather
conditions; the effectiveness of ConAgra Foods’ product pricing efforts,
whether through pricing actions or changes in promotional strategies;
the ultimate outcome of litigation, including litigation related to the
lead paint and pigment matters; future economic circumstances; industry
conditions; the effectiveness of ConAgra Foods’ hedging activities,
including volatility in commodities that could negatively impact ConAgra
Foods’ derivative positions and, in turn, ConAgra Foods’ earnings; the
success of ConAgra Foods’ innovation and marketing investments; the
competitive environment and related market conditions; the ultimate
impact of any ConAgra Foods’ product recalls; access to capital; actions
of governments and regulatory factors affecting ConAgra Foods’
businesses, including the Patient Protection and Affordable Care Act;
the amount and timing of repurchases of ConAgra Foods’ common stock and
debt, if any; the costs, disruption and diversion of management’s
attention associated with campaigns commenced by activist investors; and
other risks described in ConAgra Foods’ reports filed with the
Regulation G Disclosure | |||||||||||
Below is a reconciliation of Q2 FY16 and Q2 FY15 diluted earnings per share from continuing operations, Consumer Foods segment operating profit, and Commercial Foods segment operating profit, adjusted for items impacting comparability. Amounts may be impacted by rounding. | |||||||||||
Q2 FY16 & Q2 FY15 Diluted EPS from Continuing Operations | |||||||||||
Q2 FY16 | Q2 FY15 | % change | |||||||||
Diluted EPS from continuing operations | $ | 0.37 | $ | 0.49 | -24 | % | |||||
Items impacting comparability: | |||||||||||
Net expense related to restructuring charges | 0.19 | 0.02 | |||||||||
Net expense (benefit) related to unusual tax matters | 0.02 | (0.02 | ) | ||||||||
Net expense related to unallocated mark-to-market impact of derivatives | - | 0.03 | |||||||||
Diluted EPS from continuing operations, adjusted for items impacting comparability | $ | 0.58 | $ | 0.52 | |||||||
Net EPS contribution subsequently reclassified to discontinued operations (included in guidance/base)*: | $ | 0.13 | $ | 0.09 | |||||||
Diluted EPS, adjusted for items impacting comparability | $ | 0.71 | $ | 0.61 | 16 | % | |||||
Consumer Foods Segment Operating Profit Reconciliation | |||||||||||
(Dollars in millions) | Q2 FY16 | Q2 FY15 | % change | ||||||||
Consumer Foods Segment Operating Profit | $ | 331 | $ | 301 | 10 | % | |||||
Net expense related to restructuring charges | 10 | 8 | |||||||||
Consumer Foods Segment Adjusted Operating Profit | $ | 341 | $ | 309 | 10 | % | |||||
Commercial Foods Segment Operating Profit Reconciliation | |||||||||||
(Dollars in millions) | Q2 FY16 | Q2 FY15 | % change | ||||||||
Commercial Foods Segment Operating Profit | $ | 162 | $ | 147 | 10 | % | |||||
Net benefit related to restructuring charges | - | (1 | ) | ||||||||
Commercial Foods Segment Adjusted Operating Profit | $ | 162 | $ | 146 | 11 | % | |||||
Q2 FY16 | Q2 FY15 | ||||||||||
*Diluted EPS from discontinued operations | $ | (0.02 | ) | $ | (0.45 | ) | |||||
Items impacting comparability: | |||||||||||
Net expense related to impairment of goodwill and other intangible assets | $ | 0.18 | $ | 0.51 | |||||||
Net expense related to restructuring charges | 0.01 | 0.01 | |||||||||
Net benefit related to unusual tax matters | (0.04 | ) | - | ||||||||
Rounding | - | 0.02 | |||||||||
Diluted EPS from discontinued operations, adjusted for items impacting comparability | $ | 0.13 | $ | 0.09 | |||||||
ConAgra Foods, Inc. |
|||||||||||
SECOND QUARTER | |||||||||||
Thirteen weeks ended | Thirteen weeks ended | ||||||||||
November 29, 2015 | November 23, 2014 | Percent Change | |||||||||
SALES |
|||||||||||
Consumer Foods | $ | 1,983.2 | $ | 2,043.0 | (2.9 | )% | |||||
Commercial Foods | 1,109.5 | 1,093.4 | 1.0 | % | |||||||
Total | 3,092.7 | 3,136.4 | (1.4 | )% | |||||||
OPERATING PROFIT |
|||||||||||
Consumer Foods | $ | 330.9 | $ | 300.9 | 10.0 | % | |||||
Commercial Foods | 162.2 | 146.8 | 10.5 | % | |||||||
Total operating profit for segments | 493.1 | 447.7 | 10.1 | % | |||||||
Reconciliation of total operating profit to income from continuing operations before income taxes and equity method investment earnings | |||||||||||
Items excluded from segment operating profit: | |||||||||||
General corporate expense | (189.8 | ) | (82.4 | ) | 130.3 | % | |||||
Interest expense, net | (79.6 | ) | (78.7 | ) | 1.1 | % | |||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 223.7 | $ | 286.6 | (21.9 | )% | |||||
Segment operating profit excludes general corporate expense, equity method investment earnings, and net interest expense. Management believes such amounts are not directly associated with segment performance results for the period. Management believes the presentation of total operating profit for segments facilitates period-to-period comparison of results of segment operations. |
|||||||||||
ConAgra Foods, Inc.
(in millions) |
|||||||||||
SECOND QUARTER | |||||||||||
Twenty-six weeks |
Twenty-six weeks |
||||||||||
November 29, 2015 | November 23, 2014 | Percent Change | |||||||||
SALES |
|||||||||||
Consumer Foods | $ | 3,676.8 | $ | 3,742.3 | (1.8 | )% | |||||
Commercial Foods | 2,209.7 | 2,157.1 | 2.4 | % | |||||||
Total | 5,886.5 | 5,899.4 | (0.2 | )% | |||||||
OPERATING PROFIT |
|||||||||||
Consumer Foods | $ | 571.5 | $ | 492.9 | 15.9 | % | |||||
Commercial Foods | 301.9 | 266.8 | 13.2 | % | |||||||
Total operating profit for segments | 873.4 | 759.7 | 15.0 | % | |||||||
Reconciliation of total operating profit to income from continuing operations before income taxes and equity method investment earnings | |||||||||||
Items excluded from segment operating profit: | |||||||||||
General corporate expense | (274.7 | ) | (197.4 | ) | 39.2 | % | |||||
Interest expense, net | (159.9 | ) | (162.0 | ) | (1.3 | )% | |||||
Income from continuing operations before income taxes and equity method investment earnings | $ | 438.8 | $ | 400.3 | 9.6 | % | |||||
Segment operating profit excludes general corporate expense, equity method investment earnings, and net interest expense. Management believes such amounts are not directly associated with segment performance results for the period. Management believes the presentation of total operating profit for segments facilitates period-to-period comparison of results of segment operations. |
|||||||||||
ConAgra Foods, Inc. Consolidated Statements of Operations (in millions) (unaudited) |
|||||||||||
SECOND QUARTER | |||||||||||
Thirteen weeks ended | Thirteen weeks ended | ||||||||||
November 29, 2015 | November 23, 2014 | Percent Change | |||||||||
Net sales | $ | 3,092.7 | $ | 3,136.4 | (1.4 | )% | |||||
Costs and expenses: | |||||||||||
Cost of goods sold | 2,264.7 | 2,379.1 | (4.8 | )% | |||||||
Selling, general and administrative expenses | 524.7 | 392.0 | 33.9 | % | |||||||
Interest expense, net | 79.6 | 78.7 | 1.1 | % | |||||||
Income from continuing operations before income taxes and equity method investment earnings | 223.7 | 286.6 | (21.9 | )% | |||||||
Income tax expense | 83.2 | 101.9 | (18.4 | )% | |||||||
Equity method investment earnings | 25.3 | 34.0 | (25.6 | )% | |||||||
Income from continuing operations | 165.8 | 218.7 | -24.2 | % | |||||||
Loss from discontinued operations, net of tax | (6.5 | ) | (202.8 | ) | -96.8 | % | |||||
Net income | $ | 159.3 | $ | 15.9 | 901.9 | % | |||||
Less: Net income attributable to noncontrolling interests | 4.4 | 5.9 | (25.4 | )% | |||||||
Net income attributable to ConAgra Foods, Inc. | $ | 154.9 | $ | 10.0 | 1449.0 | % | |||||
Earnings (loss) per share - basic | |||||||||||
Income from continuing operations | $ | 0.37 | $ | 0.50 | -26.0 | % | |||||
Loss from discontinued operations | (0.01 | ) | (0.48 | ) | (97.9 | )% | |||||
Net income attributable to ConAgra Foods, Inc. | $ | 0.36 | $ | 0.02 | 1700.0 | % | |||||
Weighted average shares outstanding | 433.8 | 425.7 | 1.9 | % | |||||||
Earnings (loss) per share - diluted | |||||||||||
Income from continuing operations | $ | 0.37 | $ | 0.49 | -24.5 | % | |||||
Loss from discontinued operations | (0.02 | ) | (0.47 | ) | (95.7 | )% | |||||
Net income attributable to ConAgra Foods, Inc. | $ | 0.35 | $ | 0.02 | 1650.0 | % | |||||
Weighted average share and share equivalents outstanding | 437.9 | 430.8 | 1.7 | % | |||||||
ConAgra Foods, Inc. Consolidated Statements of Operations (in millions) (unaudited) |
||||||||||
SECOND QUARTER | ||||||||||
Twenty-six weeks |
Twenty-six weeks |
|||||||||
November 29, 2015 | November 23, 2014 | Percent Change | ||||||||
Net sales | $ | 5,886.5 | $ | 5,899.4 | (0.2 | )% | ||||
Costs and expenses: | ||||||||||
Cost of goods sold | 4,357.7 | 4,551.3 | (4.3 | )% | ||||||
Selling, general and administrative expenses | 930.1 | 785.8 | 18.4 | % | ||||||
Interest expense, net | 159.9 | 162.0 | (1.3 | )% | ||||||
Income (loss) from continuing operations before income taxes and equity method investment earnings | 438.8 | 400.3 | 9.6 | % | ||||||
Income tax expense | 168.1 | 145.0 | 15.9 | % | ||||||
Equity method investment earnings | 62.3 | 59.6 | 4.5 | % | ||||||
Income from continuing operations | 333.0 | 314.9 | 5.7 | % | ||||||
Income (loss) from discontinued operations, net of tax | (1,326.1 | ) | 185.5 | N/A | ||||||
Net income (loss) | $ | (993.1 | ) | $ | 500.4 | N/A | ||||
Less: Net income attributable to noncontrolling interests | 6.1 | 8.1 | (24.7 | )% | ||||||
Net income (loss) attributable to ConAgra Foods, Inc. | $ | (999.2 | ) | $ | 492.3 | N/A | ||||
Earnings (loss) per share - basic | ||||||||||
Income from continuing operations | $ | 0.75 | $ | 0.72 | 4.2 | % | ||||
Income (loss) from discontinued operations | (3.06 | ) | 0.44 | N/A | ||||||
Net income (loss) attributable to ConAgra Foods, Inc. | $ | (2.31 | ) | $ | 1.16 | N/A | ||||
Weighted average shares outstanding | 432.1 | 424.8 | 1.7 | % | ||||||
Earnings (loss) per share - diluted | ||||||||||
Income from continuing operations | $ | 0.75 | $ | 0.71 | 5.6 | % | ||||
Income (loss) from discontinued operations | (3.04 | ) | 0.43 | N/A | ||||||
Net income (loss) attributable to ConAgra Foods, Inc. | $ | (2.29 | ) | $ | 1.14 | N/A | ||||
Weighted average share and share equivalents outstanding | 436.7 | 430.0 | 1.5 | % | ||||||
ConAgra Foods, Inc. Consolidated Balance Sheet (in millions) (unaudited) |
||||||
November 29, 2015 | May 31, 2015 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 95.9 | $ | 164.7 | ||
Receivables, less allowance for doubtful accounts | ||||||
of $4.9 and $4.1 | 894.4 | 773.7 | ||||
Inventories | 1,975.6 | 1,721.1 | ||||
Prepaid expenses and other current assets | 168.8 | 268.8 | ||||
Current assets held for sale | 777.8 | 739.4 | ||||
Total current assets | 3,912.5 | 3,667.7 | ||||
Property, plant and equipment, net | 2,645.9 | 2,687.7 | ||||
Goodwill | 4,685.5 | 4,699.5 | ||||
Brands, trademarks and other intangibles, net | 1,383.9 | 1,313.4 | ||||
Other assets | 987.6 | 933.5 | ||||
Noncurrent assets held for sale | 2,379.2 | 4,240.4 | ||||
$ | 15,994.6 | $ | 17,542.2 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities | ||||||
Notes payable | $ | 195.0 | $ | 7.9 | ||
Current installments of long-term debt | 1,309.8 | 1,008.0 | ||||
Accounts payable | 1,195.5 | 1,138.8 | ||||
Accrued payroll | 211.9 | 218.2 | ||||
Other accrued liabilities | 727.0 | 642.8 | ||||
Current liabilities held for sale | 314.4 | 294.5 | ||||
Total current liabilities | 3,953.6 | 3,310.2 | ||||
Senior long-term debt, excluding current installments | 6,204.5 | 6,693.0 | ||||
Subordinated debt | 195.9 | 195.9 | ||||
Other noncurrent liabilities | 1,891.2 | 2,023.8 | ||||
Noncurrent liabilities held for sale | 234.7 | 709.3 | ||||
Total stockholders' equity | 3,514.7 | 4,610.0 | ||||
$ | 15,994.6 | $ | 17,542.2 | |||
ConAgra Foods, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) |
||||||||
Twenty-six weeks ended | ||||||||
November 29, 2015 |
November 23, 2014 |
|||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | (993.1 | ) | $ | 500.4 | |||
Income (loss) from discontinued operations | (1,326.1 | ) | 185.5 | |||||
Income from continuing operations | 333.0 | 314.9 | ||||||
Adjustments to reconcile income (loss) from continuing operations to net cash flows from operating activities: | ||||||||
Depreciation and amortization | 188.8 | 191.4 | ||||||
Asset impairment charges | 1.7 | 7.4 | ||||||
Lease Cancellation Expense | 48.5 | — | ||||||
Earnings of affiliates in excess of distributions | (54.1 | ) | (52.4 | ) | ||||
Share-based payments expense | 34.6 | 32.6 | ||||||
Contributions to pension plans | (6.0 | ) | (6.0 | ) | ||||
Pension benefit | — | (4.6 | ) | |||||
Other items | (23.6 | ) | 14.7 | |||||
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions: | ||||||||
Accounts receivable | (126.0 | ) | (108.8 | ) | ||||
Inventory | (253.9 | ) | (391.1 | ) | ||||
Deferred income taxes and income taxes payable, net | (124.7 | ) | 19.5 | |||||
Prepaid expenses and other current assets | 23.2 | 30.0 | ||||||
Accounts payable | 83.1 | 219.8 | ||||||
Accrued payroll | (0.1 | ) | 47.3 | |||||
Other accrued liabilities | 68.8 | (28.3 | ) | |||||
Net cash flows from operating activities — continuing operations | 193.3 | 286.4 | ||||||
Net cash flows from operating activities — discontinued operations | 124.7 | 131.3 | ||||||
Net cash flows from operating activities | 318.0 | 417.7 | ||||||
Cash flows from investing activities: | ||||||||
Additions to property, plant and equipment | (176.7 | ) | (157.6 | ) | ||||
Sale of property, plant and equipment | 18.9 | 2.3 | ||||||
Purchase of business, net of cash acquired | — | (75.4 | ) | |||||
Purchase of intangible assets | (10.4 | ) | — | |||||
Return of investment in equity method investee | — | 391.4 | ||||||
Other | 0.3 | — | ||||||
Net cash flows from investing activities — continuing operations | (167.9 | ) | 160.7 | |||||
Net cash flows from investing activities — discontinued operations | (69.1 | ) | 71.9 | |||||
Net cash flows from investing activities | (237.0 | ) | 232.6 | |||||
Cash flows from financing activities: | ||||||||
Net short-term borrowings | 187.1 | 392.8 | ||||||
Issuance of long-term debt | — | 550.0 | ||||||
Repayment of long-term debt | (255.3 | ) | (1,489.2 | ) | ||||
Cash dividends paid | (215.0 | ) | (211.7 | ) | ||||
Exercise of stock options and issuance of other stock awards | 153.3 | 55.2 | ||||||
Other items | (2.8 | ) | (6.9 | ) | ||||
Net cash flows from financing activities — continuing operations | (132.7 | ) | (709.8 | ) | ||||
Net cash flows from financing activities — discontinued operations | — | (0.2 | ) | |||||
Net cash flows from financing activities | (132.7 | ) | (710.0 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (3.0 | ) | (1.5 | ) | ||||
Net change in cash and cash equivalents | (54.7 | ) | (61.2 | ) | ||||
Discontinued operations cash activity included above: | ||||||||
Add: Cash balance included in assets held for sale at beginning of period | 18.4 | 64.9 | ||||||
Less: Cash balance included in assets held for sale at end of period | 32.5 | 22.0 | ||||||
Cash and cash equivalents at beginning of period | 164.7 | 118.2 | ||||||
Cash and cash equivalents at end of period | $ | 95.9 | $ | 99.9 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151222005090/en/
Source:
ConAgra Foods, Inc.
Media
Jon Harris,
630-857-1440
or
Analysts
Chris Klinefelter,
402-240-4154
www.conagrafoods.com
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