USA: ConAgra reports robust rise in Q1 earnings
US meat processor ConAgra reported Q1 earnings up 21% to US$227.6m. Despite having to lower the price of its products in a softer market, the company outstripped analysts' forecasts. Net revenues declined 7.2% to $7.1bn, partly offset by an 8.1% decline in costs. The growth in profits was largely attributed to the performance of its higher margin packaged food operations. The company is increasing its focus on the value-added end of the business, notably branded products such as Healthy Choice frozen dinners and Armour hot dogs.
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