ConAgra 1Q Profit Misses Wall Street Expectations

IndustrialsReuters

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.

The company also cut its fiscal 2014 profit forecast.

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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.