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The
packaged foods maker has been trying to boost profits by
investing in higher-margin products such as Reddi-wip whipped
cream and Hunt's ketchup and clamping down on unprofitable
volume sales to retailers.
ConAgra's quarterly results were the first since it spun off its
Lamb Weston frozen potato business in November to become a
branded-foods only company.
The Chicago-based company sold its loss-making private label
business to TreeHouse Foods Inc <THS.N> in February.
Net income attributable to ConAgra fell to $122.1 million, or 28
cents per share, in the second quarter ended Nov. 27, from
$154.9 million, or 35 cents per share, a year earlier.
Excluding items, the company earned 49 cents per share from
continuing operations, beating the average analyst estimate of
45 cents per share, according to Thomson Reuters I/B/E/S.
Net sales fell to $2.09 billion from $2.36 billion a year
earlier, below the average analyst estimate of $2.11 billion.
The company's shares were unchanged in premarket trading on
Thursday. Up to Wednesday's close of $38, they had risen about
16 percent since the start of the year.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Martina D'Couto)
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