ConAgra Earnings Slip as Materials Costs Rise
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ConAgra Foods Inc., the third-largest U.S. food company, said profit for its fiscal first quarter fell 31% as it shed businesses and paid more for meat, grains and other raw materials.
Net income fell to $135 million, or 26 cents a share, from $194.9 million, or 37 cents, a year earlier. Sales rose 8.2% to $3.5 billion. Discontinued operations added 7 cents a share to last year’s results.
Chief Executive Bruce Rohde said Omaha-based ConAgra was raising prices to keep pace with costs that rose 10%.
Shares of ConAgra rose 15 cents to $25.96 on the NYSE.
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