ConAgra profit up;forecast lags expectations

ConAgra profit up;forecast lags expectations
June 26, 2008

ConAgra Foods Inc. reported Thursday its quarterly net income rose 4.8% from a year ago, helped by its specialty potato and ingredients business and its just-divested commodities-trading unit.

ConAgra, which has been restructuring its business to focus on its best-selling brands and raising product prices to offset surging commodity costs, also issued a forecast for its fiscal year and current quarter that lagged Wall Street's expectations.

Its stock, which has held up better than most food makers this year, fell almost 3% in Thursday morning trading.

For the quarter ended May 25, sales at its food and ingredients unit surged 32% to $1.2 billion, thanks to higher prices and export volumes for its Lamb Weston potatoes. The consumer foods segment posted a 6% sales increase.
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