CAG boosts dividend payout by 4%
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ConAgra beats by $0.09, beats on revs; raises FY13 EPS guidance; raises dividend 4% ( CAG) 25.65 : Reports Q1 (Aug) earnings of $0.44 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 6.7% year/year to $3.31 bln vs the $3.24 bln consensus. The Consumer Foods segment posted sales of $2,043 million and operating profit of $235 million for the first quarter. Sales increased 8%, reflecting 8% contribution from acquisitions, 5% favorable price/mix, and a 4% organic volume decline. FX negatively impacted sales by 1%. Sales for the Commercial Foods segment were $1,269 million, 5% above year-ago amounts. The sales increase was due to a strong top-line performance for the Lamb Weston potato operations, which posted good volume growth, particularly in international markets, as well as favorable price/mix. All of the segment's product lines posted volume growth. The co repurchased ~2.95 million of its shares of common stock during the quarter for ~$75 million; as of quarter end, the co has ~$450 million remaining on its current share repurchase authorization. Co raised its quarterly dividend $0.01 (4%) to $0.25 (yeild now 3.9%).
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