ConAgra's Earnings to Miss Views . |
| Wall Street Journal - Dec 9, 2010 |
ConAgra Foods Inc. cut its fiscal 2011 outlook on weaker-than-expected second-quarter results, the latest food company falling victim to higher commodity costs and lackluster shopper response to promotions.
The maker of Healthy Choice meals, Egg Beaters and Reddi-wip said that second-quarter earnings would come in at approximately 45 cents a share, below a September forecast of 50 cents a share. The quarter's shortfall means that full-year earnings are expected to rise at a low-single-digit rate compared to previous expectation for 5% to 7% growth.
ConAgra, whose shares were up 14 cents in morning trading to $22.39, said results were hurt by a difficult environment for food makers and higher ingredient costs in its consumer foods business.
The company is also finding that tight-fisted consumers are not responding as strongly to promotions as originally forecast, a sentiment shared by other food makers including Kraft Foods Inc., Kellogg Co. and Campbell Soup Co.
Read Full Article from Wall Street Journal
- Posted: 2010-12-09 12:36:03
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