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April 14, 2008

US: ConAgra reaffirms earnings guidance

US food group ConAgra Foods has repeated its earnings guidance for the company’s fiscal 2008 period.

US food group ConAgra Foods has repeated its earnings guidance for the company’s fiscal 2008 period.

In a presentation to investors on Friday (11 April), the company forecast underlying earnings per share of US$1.80-1.85.

Last month, ConAgra posted a 37% jump in third-quarter profits as earnings from its soon-to-be-sold commodity trading business more than tripled.

ConAgra has decided to sell its commodity trading operations in a deal worth US$2.1bn.

Commodity fund Ospraie Special Opportunities is set to buy the business, which has proved lucrative in recent months.

ConAgra is focusing on its food ingredients business and its consumer food brands, which includes Orville Redenbacher’s popcorn.

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