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.
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