On a GAAP basis, EPS totaled $0.29, compared with $0.67 in the same quarter last year. Excluded items include $0.16 per share in the 2013 third quarter for expenses related to ConAgra’s acquisition of Ralcorp and a $0.14 per share benefit in the year-ago quarter.
The company’s CEO said:
Challenges remain for key areas of our business, but a combination of successful margin improvement initiatives and a more favorable input cost environment is enabling us to significantly increase our brand investment and deliver EPS growth. … Our organization is very focused on the ongoing integration of Ralcorp, which will play a key role in creating shareholder value.
The company closed its acquisition of Ralcorp in late January, and the $6.8 billion acquisition added $292 million to sales and operating profit of $22 million to the quarter’s results. Net expenses related to the acquisition totaled $17 million.
The company reaffirmed its fiscal year 2013 guidance for adjusted diluted EPS of $2.15. That number is also the consensus analysts’ estimate for 2013 EPS.
Shares are down 2.2% in premarket trading this morning, at $34.76. The current 52-week range is $23.64 to $35.91. Thomson Reuters had a consensus analyst price target of around $37.25 before today’s results were announced.
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