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ConAgra Slashes Full-Year Outlook

ConAgra Foods (NYSE:CAG) slashed its full-year earnings outlook on Tuesday, citing continued weakness in its private brands business.ConAgra, which makes Hunt's ketchup, Chef Boyardee pastas and other products, said it now expects adjusted earnings of $2.22 to $2.25 a share for fiscal year 2014, which ends in May. Earnings for the third and fourth quarters are projected to be 60 cents and 65 cents a share, respectively, missing Wall Street expectations.The company's previous outlook called for full-year adjusted earnings of $2.34 to $2.38 a share.Omaha, Neb.-based ConAgra also anticipates a steeper decline in volumes at its consumer foods segment. Volumes are expected to fall 3% to 4% in the second half of fiscal 2014, compared to prior guidance for a 1% to 2% drop.Shares slumped 5.9% to $29.21 in late morning trading.CEO Gary Rodkin stressed that ConAgra remains confident in its strategy to lift its private brands unit, which makes products for retailers with in-house brands. The busi...

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