ConAgra Foods insisted it expects to post “solid” full-year profits despite a mixed first-quarter.
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The US food group posted a 21.5% rise in operating profit for the three months to 26 August, although earnings were lifted as profits from its trading and merchandising arm almost quadrupled.
Quarterly earnings from ConAgra’s consumer foods business dipped 3.4%, while earnings from its international foods operations tumbled 14.4%. In sum, operating profit reached US$383.5m.
ConAgra saw turnover rise 9.9% to US$1.6bn, thanks to sales growth across the business. Consumer foods sales rose 3% but again the strongest growth was from the company’s trading and merchandising business. Through its trading and merchandising arm, ConAgra manages a portfolio of agricultural and energy commodities.
CEO Gary Rodkin said: “I am very pleased with the sales growth across all of our business segments this quarter. Innovation as well as strong marketing and customer fundamentals were key.”
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