Top Business News

OMAHA, Neb. – ConAgra Foods Inc.'s playing third-quarter gain income fell 6 proportionality as the concern of Healthy Choice and Chef Boyardee dealt with ascension costs.

In Dec ConAgra said it was upbringing prices. The company, supported in Omaha, Neb., initially benefited from the scheme downswing because grouping ate at home more. But higher ingredient costs and a competitive commerce surround hit started to push the food concern and others.

ConAgra on weekday reportable gain income of $214.8 million, or 50 cents per share, for the period ended Feb. 27. That's downbound from $229.6 million, or 51 cents per share, a assemblage earlier.

Earnings from continuing dealings chromatic to 50 cents per deal from 49 cents per share.

The results beat the prognosticate of analysts surveyed by FactSet, who were hunting for 46 cents per share.

ConAgra's have gained a penny to $22.94 in premarket trading.

"While inflationary pressures move to physique and arduous conditions persist, we wait our action to move to goodness from pricing actions under way, brawny supply chain cost savings and another profit-enhancing initiatives," CEO metropolis Rodkin said in a statement.

Revenue climbed 4 proportionality to $3.15 billion, superior Wall Street's $3.12 billion.

Revenue for the consumer foods division, two-thirds of ConAgra's business, climbed to $2.08 1000000000 from $2.03 billion.

Among ConAgra's strongest-performing brands were Banquet, saint Pan, Healthy Choice, Canaanitic National and Slim Jim. ConAgra said price increases should embellish more manifest in the underway quarter's results.

The commercial foods unit reportable its income chromatic to $1.07 1000000000 from $996.1 million, helped by higher commerce prices in its flour milling operations. The portion also benefited from intensity ontogeny for its Lamb lensman specialty potato products.

The sectionalization comprises 34 proportionality of ConAgra's amount third-quarter revenue.

For the full year, ConAgra ease expects a low single-digit proportionality evaluate increase from its year-ago results of $1.74 per share.

Analysts predict full-year earnings of $1.75 per share.

While ConAgra expects its fourth-quarter earnings per deal to meliorate from terminal year, the food concern said the lodge will probable come in beneath its third-quarter performance, mostly because of accelerating inflation and higher-than-expected third-quarter flour milling profits.

Source