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ConAgra meets forecasts
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June 29, 2000: 8:39 a.m. ET
Food company reports 4Q earnings in line with estimates; sales up 6%
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NEW YORK (CNNfn) - ConAgra Inc., whose food products include Butterball turkeys and Egg Beaters, reported fiscal fourth-quarter earnings that met Wall Street's expectations.
ConAgra Inc. (CAG: Research, Estimates) reported earnings before special charges of $219 million, or 46 cents a share, compared to $196.6 million, or 41 cents for the same time period in 1999. The earnings matched the expectations of analysts polled by First Call.
 With the charges, Omaha, Neb.-based ConAgra said its net loss shrank 86 percent to $19.5 million, or 4 cents a share, from $141.3 million, or 30 cents, for the year-earlier period.
Total sales increased 6 percent to $6.4 billion from $6 billion while the refrigerated foods unit climbed 8 percent to $3.2 billion from $3 billion. ConAgra's packaged foods segment grew 7 percent to $2 billion from $1.8 billion.
ConAgra has completed its restructuring plan associated with Operation Overdrive, a series of initiatives designed to accelerate growth. The company incurred pre-tax charges of $385 million, down nearly 13 percent from $440.8 million reported in the fourth quarter of fiscal 1999.
"Operation Overdrive contributed to our double-digit earnings growth in every quarter of this fiscal year," said ConAgra Chairman and Chief Executive Bruce Rohde.
Last Friday, ConAgra agreed to acquire International Home Foods Inc. in a stock and cash deal valued at $2.9 billion.
On Wednesday, ConAgra fell 1/16 to 19-13/16. 
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