ConAgra cuts full-year forecast
The food producer says its earnings will increase up to 7% instead of 10%.
By Andrea Tse, TheStreet
ConAgra Foods (CAG) cut its full-year earnings forecast after its fiscal-first-quarter profit fell.
The company said its earnings will grow 5% to 7% this year instead of the 8% to 10% it had forecast. Last year, the company earned $1.74 a share.
ConAgra's net income declined 12% to $146.3 million, or 33 cents a share, from $165.9 million, or 37 cents a year earlier.
Adjusted for one-time items, earnings per share from continuing operations were 34 cents.
The company said its first-quarter margins and per-share earnings were smaller than expected because of discounting and increasing material costs.
ConAgra reported net sales of $2.82 billion, down 2.4% from $2.89 billion the previous year.
Analysts on average were expecting first-quarter earnings of 39 cents a share on revenue of $2.98 billion.
The company announced a quarterly dividend increase of 15% to 23 cents a share from 20 cents.
Related Articles
| Tags: | ConAgraFoodsearnings |
RELATED ARTICLES
DATA PROVIDERS
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.
RECENT QUOTES
WATCHLIST
MARKET UPDATE
| NAME | LAST | CHANGE | % CHANGE | |
|---|---|---|---|---|
| There’s a problem getting this information right now. Please try again later. | ||||
[BRIEFING.COM] The S&P 500 ended this week with a bang, roaring to a new all-time high on the back of stronger-than-expected economic data, influential leadership, and an ongoing appreciation for the Fed's monetary policy support.
The bullish bias was evident in premarket action as the S&P futures pointed to a higher start without the benefit of any definitive news catalyst. Stocks indeed benefited from a blast of buying interest at the opening bell on this ... More
More Market News
Currencies
| NAME | LAST | CHANGE | % CHANGE |
|---|---|---|---|
| There’s a problem getting this information right now. Please try again later. | |||
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
TOP STOCKS
All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
