ConAgra Cuts 2015 Earnings Outlook, Names New CEO

ConAgra Foods Inc. cut its fiscal 2015 outlook and announced a new CEO. ConAgra shares fell as much as 6% after hours Thursday but climbed back to their closing price of $36.42 on moderate volume. The company, which owns such brands as Banquet, Chef Boyardee, Marie Callender's, and Orville Redenbacher's, now expects fiscal 2015 earnings of $2.13 to $2.18 a share because of a stronger dollar, weaker profitability from private brands, and an ongoing labor dispute that has slowed West Coast port traffic. Analysts surveyed by FactSet had estimated $2.25 a share. In a separate statement, ConAgra announced that Sean Connolly, former CEO of Hillshire Brands, will replace Gary Rodkin as CEO effective April 6.