ConAgra 1Q Profit Misses Wall Street Expectations

Industrials Reuters

ConAgra Foods Inc estimated first-quarter profit below analysts' expectations due to weak sales at its consumer foods business, which includes Chef Boyardee canned pasta, Hunt's sauces and Slim Jim beef jerky.

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The company also cut its fiscal 2014 profit forecast.

ConAgra shares fell 2 percent to $32.81 in premarket trade.

The company estimated first-quarter adjusted earnings of 37 cents per share. Analysts on average were expecting a profit of 45 cents per share, according to Thomson Reuters I/B/E/S.

The company said it now expects fiscal 2014 profit to be $2.34 to $2.38 per share, down from $2.40 forecast earlier and lower than the average analyst estimate of $2.41 per share.

ConAgra's consumer foods business includes meals, condiments, snacks and desserts that are sold under brands such as ACT II popcorn and PAM cooking sprays.