ConAgra Foods raised its full-year earnings forecast today (22 September) despite posting a drop in first-quarter profit.
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For the quarter ended 30 August, profit fell to US$165.9m from $442.4m a year earlier, when earnings were boosted by disposals.
Excluding one-time items, earnings were 38 cents a share, compared with 23 cents from continuing operations a year earlier.
Sales also fell, dropping 3.3% to $2.96bn, in part due to an explosion at a Slim Jim plant in June, which killed three people and shut down production there for several weeks.
ConAgra said it now expects full-year earnings of about $1.70 a share, excluding one-time items, compared to a June forecast of $1.63 to $1.66.
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By GlobalDataGary Rodkin, ConAgra Foods’ CEO, said: “We are off to a strong start in fiscal 2010. The consumer foods segment posted significantly improved operating profits, along with good sales trends across the consumer branded portfolio, and we expect the balance of the year to show strong profits for this segment due to manageable inflation, good cost savings, sales growth, and favourable mix.”
