ConAgra 1Q profit falls on higher costs
OMAHA, Neb. (AP) — ConAgra Foods Inc.'s fiscal first-quarter profit fell 42 percent, pressured by higher costs in its consumer foods unit.
But the food maker maintained its full-year earnings forecast on Tuesday and said it plans to continue increasing its prices. Its brands include Chef Boyardee and Healthy Choice.
Omaha, Neb.-based ConAgra reported net income of $85.3 million, or 20 cents per share, for the period ended Aug. 28. That's down from $146.4 million, or 33 cents per share, a year earlier.
Excluding a restructuring charges and other items, earnings were 29 cents per share.
Analysts expected adjusted earnings of 31 cents per share.
Revenue rose 10 percent to $3.07 billion from $2.8 billion, surpassing Wall Street's estimate of $2.94 billion.
ConAgra withdrew its $5.17 billion takeover bid for cereal and food maker Ralcorp on Monday.