SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 13, 1998
Date of Report (Date of earliest event reported)
ConAgra, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-7275 47-0248710
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One ConAgra Drive, Omaha, Nebraska 68102-5001
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(402) 595-4000
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Item 5. OTHER EVENTS.
On February 13, 1998, ConAgra, Inc. issued a press release relating to its
earnings outlook for the fiscal year ending May 31, 1998. A copy of the press
release is attached hereto as Exhibit 99.1.
Item 7. Exhibits.
99.1 Press Release Issued February 13, 1998
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONAGRA, INC.
/s/ James P. O'Donnell
February 16, 1998 By:__________________________
James P. O'Donnell
Executive Vice President,
Chief Financial Officer and
Corporate Secretary
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EX-99.1
FOR IMMEDIATE RELEASE
CONAGRA'S FY98 EARNINGS OUTLOOK
Omaha, Neb., February 13, 1998 -- ConAgra, Inc. (NYSE: CAG) today announced that
the company continues to expect record earnings per share for fiscal year 1998
ending May 31, 1998, but does not expect to achieve its double-digit earnings
growth target.
ConAgra targets trendline double-digit earnings per share growth. However,
following 13-percent earnings per share growth in fiscal 1998's first half,
fiscal 1998 second half earnings per share are expected to be roughly the same
to moderately lower compared with 1997's second half, mainly due to recent
deterioration and depressed margins in the fresh meat and poultry industry.
ConAgra's president and chief executive officer, Bruce Rohde, commented,
"While many of our businesses are performing well, the fresh meat and poultry
sector is performing far below our earlier expectations for better results this
year. It's a credit to ConAgra's diversification and earnings balance that we
can absorb the protein sector's sharp downturn and still expect some earnings
per share growth this fiscal year. We are moving vigorously to strengthen our
meat and poultry businesses so they reap greater benefits when the sector
eventually rebounds."
Mr. Rohde concluded, "ConAgra is synonymous with premium earnings growth in
the food industry. We regret having to lower our sights this fiscal year, but a
short-term disappointment won't
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interfere with our commitment to sustaining ConAgra's superior
long-term earnings growth."
Asia is a vital market for the U.S. meat and poultry industry. Asian demand
is down in the midst of a temporary surge in U.S. meat and poultry production,
creating excess protein supply that weighs heavily on the U.S. markets. The
protein bulge should ease later in the calendar year, but the current glut is
severely depressing industry selling prices and margins. Although fresh meat and
poultry operations do not represent a large percentage of ConAgra's earnings,
less than 10 percent last year, their shortfall versus fiscal 1998 plan is
substantial.
For the first half of fiscal 1998, ConAgra earned 70 cents per share, up 13
percent from 62 cents per share in fiscal 1997's first half. Fiscal 1997 second
half earnings per share were 72 cents. For the full year fiscal 1997, ConAgra's
earnings per share were $1.34, up 14.5 percent versus fiscal 1996. ConAgra's
previously reported earnings per share and the new diluted earnings per share
are comparable.
This news release contains forward-looking statements that reflect
management's current views and estimates of future economic circumstances,
industry conditions, company performance and financial results. The statements
are based on many assumptions and factors including availability and prices of
raw materials, product pricing, competitive environment and related market
conditions, operating efficiencies, access to capital and actions of
governments. Any changes in such assumptions or factors could produce
significantly different results.
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