We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ConAgra Brands Inc | NYSE:CAG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.04 | 0.12% | 32.53 | 32.83 | 32.46 | 32.56 | 812,307 | 17:32:41 |
ConAgra Food Inc.'s (CAG) fiscal first-quarter earnings fell 63% amid prior-year gains from the sale of its trading operations, but earnings exceeded analyst estimates as the packaged food maker saw strong sales of its Hunt's tomato sauces and Healthy Choice meals.
The results topped Wall Street views and led the company to raise its fiscal-year earnings forecast to $1.70 a share from June's view of $1.63 to $1.66. Like other packaged food makers, ConAgra has benefited from a moderation in commodity costs, which have helped profit margins. These food companies have seen sales stay steady during the recession as consumers have spent more on eating at home.
Chief Executive Gary Rodkin said ConAgra expects the consumer foods business to show strong profits for the year amid cost savings, manageable inflation and a favorable product mix.
A Citigroup analyst earlier this month predicted ConAgra's fiscal-year earnings would top Wall Street's views on accelerated food and drug sales growth, with much of it due to its Healthy Choice and Marie Callender's frozen foods.
For the quarter ended Aug. 30, the company reported a profit of $165.9 million, or 37 cents a share, down from $442.4 million, or 94 cents a share. Excluding restructuring and other impacts, earnings from continuing operations rose to 38 cents from 23 cents.
Revenue decreased 3.1% to $2.96 billion.
Analysts polled by Thomson Reuters most recently were looking for earnings of 34 cents on revenue of $3.09 billion.
At its consumer-foods unit, its largest, sales rose 1% despite lower sales of its Slim Jim products owing to a June plant accident and the elimination of some low-margin products. Volume fell 1%, including the Slim Jim decline. But profit rose 34% amid the cost cuts.
At its commercial-foods segment, sales fell 9% on lower flour prices. Profit was up 5% despite restaurant-industry woes.
Shares closed at $22.33 on Monday and were up 0.4% premarket. The stock is up 35% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; tess.stynes@dowjones.com
1 Year ConAgra Brands Chart |
1 Month ConAgra Brands Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions