US food giant ConAgra Foods has reported a fourth-quarter loss of US$86m after changes to the way its accounts for its pension costs.
The company said today (21 June) its new method of accounting for pensions hit its bottom line in the 13 weeks to 27 May.
Go deeper with GlobalData
However, it said underlying earnings increased and it also had positive things to say about its consumer food division, which has been under pressure in recent months.
Underlying operating profit from ConAgra’s consumer foods business, which accounts for 63% of sales, increased 7% thanks to recent M&A, higher prices and improved margins.
Nevertheless, it should be noted sales volumes from the unit again fell in the quarter, a subject CEO Gary Rodkin will likely discuss when the company holds its conference call with Wall Street analysts later today.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
