ConAgra profit jumps 60%, plans sale
Written on March 29, 2008
ConAgra Foods Incorporated says its third-quarter profit soared 60% as it raised prices and improved sales. The year-ago results were depressed by recall costs, however.
ConAgra (CAG, Fortune 500) also announced Thursday that it plans to sell its commodities trading group to the Ospraie Special Opportunities fund for $2.1 billion in cash and stock.
In the third quarter, ConAgra reported net income of $309 million, or 63 cents per share faxless online payday advances. That’s up from roughly $193 million, or 38 cents per share, a year ago when ConAgra was recalling its Peter Pan peanut butter.
ConAgra reported revenue of $3.53 billion.
Analysts polled by Thomson Financial were expecting earnings of 39 cents per share on revenue of $3.17 billion.
Filed in: technology.