ConAgra Profit Up 15%, Though Sales Fall 13%
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EARNINGS
ConAgra Foods Inc., the third-largest U.S. food company, said fiscal second-quarter profit rose 15% after cost cuts and the sale of its farm supply and chicken businesses.
The company’s net income rose to $270.1 million, or 51 cents a share, from $235.8 million, or 44 cents, a year earlier. Sales fell 13% to $3.9 billion.
Omaha-based ConAgra has been selling off commodities businesses to focus on its higher-margin branded products such as Healthy Choice frozen entrees. Excluding sales from divested businesses, packaged foods revenue rose 3%.
Shares of ConAgra rose 67 cents to $26.15 on the New York Stock Exchange.
From Bloomberg News
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