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ConAgra (NYSE:CAG) Raises Forecast After Profits Exceed Expectations | Rapid News Network

ConAgra (NYSE:CAG) Raises Forecast After Profits Exceed Expectations

peanut butterConAgra Foods (NYSE:CAG) raised its full-year earnings forecast after its profits report exceeded expectations. The company’s quarterly profits were higher than expected due to cost cuts. Company shares were up 2% in premarket trading on Thursday.

ConAgra, like many other processed food companies, is cutting back on costs as more consumers are shifting towards healthier food products.

Despite declining demand, operating profit for ConAgra’s consumer foods business rose 3 percent because of reduced advertising costs. The company’s products include Bertolli pasta, Act II popcorn, Chef Boyardee pasta and Slim Jim.

ConAgra’s consumer foods business accounts for almost half of the company’s revenue. Profits in its commercial foods business also rose 18%.

With profits on the rise, ConAgra has also raised its profit forecast for the year to $2.15-$2.19 per share, up from $2.13-$2.18.

In February, the company reduced its profit forecast. A labor dispute in West Coast ports and weaknesses in the company’s private brand businesses were to blame for the reduced profit forecast.

The company reported a loss for the third quarter after taking over $1.3 billion in ConAgra’s private brands business. The company reported a net loss of $2.33 per share, or $954.1 million, as a result. One year earlier, ConAgra reported a profit of $243.3 million.

Analysts were expecting revenue of $3.87 billion and earnings of 52 cents per share.

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