ConAgra Foods Raises Fiscal 2013 EPS Expectations; Updates Investors at Consumer Conference

  ConAgra Foods Raises Fiscal 2013 EPS Expectations; Updates Investors at
  Consumer Conference

Business Wire

OMAHA, Neb. -- February 19, 2013

Today ConAgra Foods (NYSE: CAG) presents to the Consumer Analyst Group of New
York at that group’s annual conference in Boca Raton, Florida. Representatives
will discuss progress with the company’s strategic roadmap, known as its
Recipe for Growth, which focuses on growth opportunities in core/adjacencies,
international markets, and private label. The company’s most significant
development in implementing its Recipe for Growth is the recent acquisition of
Ralcorp, completed on Jan. 29, 2013.

Gary Rodkin, CEO of ConAgra Foods, commented “This is a great time to be a
part of ConAgra Foods. The profitability of our core business is showing
strong progress, and we have recently completed the largest acquisition in our
history with the purchase of Ralcorp. The transaction is financially and
strategically compelling and creates a company with $18 billion in net sales
and the leading position in North America in private brands. We have already
begun the integration process, and look forward to reporting on our progress
over the next few months.”

Given the debt utilized to purchase Ralcorp, ConAgra Foods will focus on
aggressive debt reduction through the end of fiscal 2015. The company plans to
maintain its strong $1.00/share dividend (annualized) throughout that period,
and will evaluate dividend increases once its near-term debt reduction goals
have been met.

The company also offered preliminary estimates of the EPS contribution from
the recent Ralcorp transaction.

  *The company currently expects Ralcorp to add approximately $0.05 to fiscal
    2013 diluted EPS, adjusted for items impacting comparability.
  *The company’s full-year outlook for fiscal 2013 diluted EPS has been
    raised to a target of approximately $2.15, adjusted for items impacting
    comparability; this includes the contribution from Ralcorp, as well as
    higher-than-planned contribution from the Consumer Foods and Commercial
    Foods operating segments, and tax favorability.
  *The company currently expects Ralcorp to add approximately $0.25 to fiscal
    2014 diluted EPS, adjusted for items impacting comparability. The company
    will offer full fiscal 2014 EPS expectations, and its views on the
    benefits of the transaction to long-term financial goals, when it conducts
    its fiscal 2013 fourth-quarter earnings release this summer.

ConAgra Foods, Inc., (NYSE: CAG) is one of North America's largest packaged
food companies. Its balanced portfolio includes consumer brands found in 97
percent of America’s households, the largest private brand packaged food
business in North America, and a strong commercial and foodservice business.
Consumers can find recognized brands such as Banquet®, Chef Boyardee®, Egg
Beaters®, Healthy Choice®, Hebrew National®, Hunt's®, Marie Callender's®,
Orville Redenbacher's®, PAM®, Peter Pan®, Reddi-wip®, Slim Jim®, Snack Pack®
and many other ConAgra Foods brands, along with food sold by ConAgra Foods
under private brand labels, in grocery, convenience, mass merchandise, club
stores and drugstores. ConAgra Foods also has a strong commercial foods
presence, supplying frozen potato and sweet potato products as well as other
vegetable, spice, bakery and grain products to a variety of well-known
restaurants, foodservice operators and commercial customers. ConAgra Foods
operates, an interactive recipe website that provides
consumers with Easy Dinner Recipes and more. For more information, please
visit us at

Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on ConAgra Foods’ current expectations and are subject to
uncertainty and changes in circumstances. These risks and uncertainties
include: ConAgra Foods’ ability to realize the synergies and benefits
contemplated by the acquisition of Ralcorp; ConAgra Foods’ ability to promptly
and effectively integrate the business of Ralcorp; the availability and prices
of raw materials, including any negative effects caused by inflation and
adverse weather conditions; the effectiveness of its product pricing,
including any pricing actions and promotional changes; future economic
circumstances; industry conditions; ConAgra Foods’ ability to execute its
operating and restructuring plans; the success of ConAgra Foods’ innovation,
marketing, including increased marketing investments, and cost-saving
initiatives; the competitive environment and related market conditions;
operating efficiencies; the ultimate impact of ConAgra Foods’ product recalls;
access to capital; ConAgra Foods’ success in effectively and efficiently
integrating its acquisitions; actions of governments and regulatory factors
affecting ConAgra Foods’ businesses, including the Patient Protection and
Affordable Care Act; the amount and timing of repurchases of ConAgra Foods’
common stock, if any; and other risks and uncertainties discussed in ConAgra
Foods’ filings with the SEC, including its most recent annual report on Form
10-K and subsequent reports on Forms 10-Q and 8-K. Investors and security
holders are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. ConAgra Foods
disclaims any obligation to update or revise statements contained in this
press release to reflect future events or circumstances or otherwise.


ConAgra Foods, Inc.
Teresa Paulsen, 402-240-5210
Vice President, Communication & External Relations
Chris Klinefelter, 402-240-4154
Vice President, Investor Relations
Press spacebar to pause and continue. Press esc to stop.