ConAgra Foods warned that full-year earnings may decline more than previously forecast due to higher costs at its cooking oil and Healthy Choice units.

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Profit for the fiscal year ended May 2009 will come in “slightly above” US$1.50 a share – down from the company’s June forecast of $1.56-$1.59 a share, ConAgra said in a statement today (18 September).


The company said that costs for raw materials, including corn and energy, rose 24% in the first quarter outpacing sales growth. Although ConAgra raised prices to offset these higher costs, it said it will increase marketing spend on frozen foods and other products.


First-quarter net income more than doubled to $442.4m, benefitting from the sale of its commodity-trading unit. Sales were up 17% to $3.07bn for the quarter.


ConAgra sold its commodity-trading unit in June Ospraie Management LLC for about $2.8bn.

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