Price Hike Boosts ConAgra's Profits

By: Associated Press Email
By: Associated Press Email

ConAgra Foods says its fiscal third-quarter profit increased 26 percent as the Omaha company raised prices.

Like many food companies, the maker of Banquet, Marie Callender's and Healthy Choice and other branded food is dealing with higher costs for ingredients, packaging and fuel.

ConAgra has raised its prices to help offset those increases.

For the period ended Feb. 26, ConAgra reported net income of $271.6 million, or 65 cents per share. That's up from $214.8 million, or 50 cents per share, a year ago.

Excluding a one-time gain related to ConAgra's recent investment in Agro Tech Foods, ConAgra earned 51 cents per share.

That's better than Wall Street expected. The analysts surveyed by FactSet expected earnings of 49 cents per share.

ConAgra says consumer foods sales increased 4 percent in the quarter. Some of its strongest brands were Peter Pan, Chef Boyardee and Slim Jim.

Total revenue rose 7 percent to $3.37 billion.

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