No Love For Food Firms

Food manufacturers identical to General Mills and ConAgra have unhappy investors this week with diseased lower-than-expected forecasts.Omaha, Neb.-based ConAgra ( CAG - news - people ) confirmed the full-year benefit superintendence of $1.73 per share, a couple of pennies bashful of the $1.75 per share analysts expect. That was sufficient to send shares down $1.21, or 4.6%, to $24.90, even though the third-quarter formula kick expectations.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/25/conagra-general-mills-markets-equities-food-manufacturing-heinz-campbell-soup.html?partner=yahoobuzzThe association pronounced Thursday it warranted $229.6 million, or 51 cents per share, up from $193.2 million, or 43 cents per share, in the third entertain of 2009. Excluding one-time equipment identical to a benefit stemming from the sale of the Lucks brand, the association warranted 44 cents per share in the majority new quarter, in line with the estimates of analysts polled by Thomson Reuters. Sales for the duration finale Feb. twenty-eight dipped 1% to $3.1 billion, only bashful of expectations.During the entertain ConAgra confirmed the loyalty to pleat expenses, slicing ubiquitous and executive costs by 0.7% to $421.9 million, down from $424.7 million in the year-ago quarter; cost of products sole forsaken 3.2% to $2.3 billion, down from $2.4 billion in the third entertain of 2009; and seductiveness losses fell 5% to $39.9 million from $42 million in the identical duration last year.ConAgras Chef Boyardee, Hunts and Pam products were between the most appropriate performers and are all piece of the consumer dishes division, that represents rounded off two-thirds of the sum sales and saw a 2% benefit in the quarter."The pass-through of reduce wheat prices in ConAgras blurb dishes shred gathering the decrease and might not have been accounted for in all sell-side models," says JPMorgan Chase researcher Terry Bivens. ,,2010/03/25/conagra-general-mills-markets-equities-food-manufacturing-heinz-campbell-soup.htmlAccording to Citi researcher David Driscoll, "the misfortune is at the back of the association and government has finished a great pursuit in augmenting the companys promotion bill and new product innovation," that has increased sales expansion trends at the company. Driscoll is bullish about ConAgras managements restructuring efforts, that he says are "aimed at shortening the complexity of the association and mending the efficiency."On Wednesday associate food manufacturer General Mills ( GIS - news - people ) lifted the full-year benefit superintendence to a range of $4.57 and $4.59 per share, up from a range of $4.52 to $4.57 per share, but the rosier opinion still fell next the accord perspective for 2010 benefit of $4.60 per share and sent shares in to the red. Though superintendence came in next consensus, Bivens records that "its tough to oppose with EPS expansion of rounded off 15%." (See "Cheerio Forecast Not Cheery.")Companies that contest with ConAgra were disorder as well on Thursday. General Mills lost $1.04, or 1.4%, to $71.14; H.J. Heinz ( HNZ - news - people ) dipped 74 cents, or 1.6%, to $46.46; Campbell Soup ( CPB - news - people ) lost 33 cents, or 0.9%, to $34.91; and Kellogg ( K - news - people ) forsaken 35 cents, or 0.6%, to $54.27.
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