ConAgra cuts full-year forecast

The food producer says its earnings will increase up to 7% instead of 10%.

By TheStreet Staff Sep 21, 2010 10:40AM

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

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. 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 Morningstar Inc.

RECENT QUOTES

WATCHLIST

Symbol
Last
Change
Shares
Quotes delayed at least 15 min
Sponsored by:

MARKET UPDATE

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Market index data delayed by 15 minutes

[BRIEFING.COM] The stock market finished the Thursday session on a higher note with the S&P 500 climbing 0.5%. The benchmark index registered an early high within the first 90 minutes and inched to a new session best during the final hour of the action.

Equities rallied out of the gate with the financial sector (+1.1%) providing noteworthy support for the second day in a row. The growth-oriented sector extended its September gain to 1.9% versus a more modest uptick of 0.4% for the ... More


Currencies

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Sponsored by:

VIDEO ON MSN MONEY