ConAgra Foods Inc. said Tuesday it had a net loss of $1.24 billion, or $2.85 a share, in its first fiscal quarter, after earnings pf $484.5 million, or $1.12 a share, in the year-earlier period. Earnings were weighed down by an impairment charge totaling $1.95 billion pretax on the company’s private label operations, which it is selling. Excluding that charge and other items, the company had EPS of 38 cents. Sales came to $2.79 billion, up from $2.76 billion a year ago. The FactSet consensus was for EPS of 40 cents and sales of $3.69 billion. “We expect to grow profits modestly in fiscal 2016 across the consumer foods and commercial foods segments by building on the stronger foundations established last fiscal year, with an emphasis on improving price/mix and implementing relentless cost discipline,” Chief Executive Sean Connolly said in a statement. Shares were not yet active in premarket trade, but are up 17% in the year so far, while the S&P 500 has lost 4.5%.
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