ConAgra Foods, Inc. (NYSE:CAG) Q3 2015 Earnings Conference Call - Final Transcript

Mar 26, 2015 • 09:30 am ET

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ConAgra Foods, Inc. (NYSE:CAG) Q3 2015 Earnings Conference Call - Final Transcript

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Operator
Operator

Good morning and welcome to today's ConAgra Foods Third Quarter Earnings Conference Call. This program is being recorded. My name is Candice Griffin and I will be your conference facilitator. All audience lines are currently in a listen-only mode. However, our speakers will address your questions at the end of the presentation during the formal question-and-answer session.

At this time, I'd like to introduce your host for today's program, Gary Rodkin, Chief Executive Officer of ConAgra Foods. Please go ahead, Mr. Rodkin.

Executive
Gary Rodkin

Good morning. Welcome to our Third Quarter Earnings Call. Thanks for joining us today. I'm Gary Rodkin here with John Gehring our CFO, Tom McGough, President of Consumer Foods, Paul Maass, President of Private Brands and Commercial Foods, and Chris Klinefelter, our VP of Investor Relations. We also have our CEO-elect, Sean Connolly with us today as well.

Before we get started, Chris has a few words.

Executive
Chris Klinefelter

Good morning. During today's remarks, we will make some forward-looking statements and while we're making those statements in good faith and are confident about our company's direction, we do not have any guarantee about the results that we will achieve. So if you would like to learn more about the risks and factors that could influence and impact our expected results, perhaps materially, I'll refer you to the documents we filed with the SEC, which includes cautionary language.

Also, we'll be discussing some non-GAAP financial measures during the call today, and the reconciliations of those measures to the most directly comparable measures for Regulation G compliance can be found in either the earnings press release, the Q&A, or on our website.

Now I'll turn it back over to Gary.

Executive
Gary Rodkin

Thanks, Chris. As you can see from the release, comparable EPS came in higher than our most recent projections and we've raised our full year outlook. Additionally, we're on track for our debt reduction commitment. So there is fair amount to discuss in today's remarks.

But before we get into the specifics of that, I want to introduce Sean Connolly, our incoming CEO. I couldn't be more pleased with the selection of Sean. He is sharp, seasoned, enthusiastic, and he refuses to lose. His energy and focus will serve ConAgra Foods well, and he is making a terrific first impression here at ConAgra Foods.

I know many of you know him and I am confident you'll enjoy interacting with him in the months and years ahead. Sean?

Executive
Sean Connolly

Thanks, Gary, and good morning, everyone.

I am looking forward to transitioning into the CEO role here in a couple of weeks. I am very excited to be at ConAgra Foods and part of this team. This is a highly motivated organization with great brands, strong product lines, and incredible people, and I believe there is a lot we can do to create value together.

Now I imagine many of you have big picture questions about our strategy and goals. We'll get to those over time, but not today. I'll need a lot of study to