ConAgra reports 4th quarter results

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Related tags: Financial times, Conagra foods

On June 22, ConAgra Foods, the American food and agribusiness
group, reported its fourth-quarter earnings would be sharply below
expectations because...

On June 22, ConAgra Foods, the American food and agribusiness group, reported its fourth-quarter earnings would be sharply below expectations because of the softening economy and high energy prices, reports the Financial Times​. ConAgra said it expects fourth-quarter earnings in the range of 19-to-23 cents per share. Analysts surveyed by First Call on average expected the company to earn 35 cents per share. The company had previously estimated fourth-quarter earnings to fall between 39 and 41 cents per share. Bruce Rohde, chairman and CEO of ConAgra said in a statement, "We've seen customers in our industry aggressively reducing inventory balances, so shipment, sales and profits were lower than would be suggested by improved consumer purchases of our products."​ ConAgra claimed to be looking forward to improved conditions for fiscal 2002, with earnings gains showing a "strong single-digit rate of growth over fiscal 2001, and possible double-digit growth depending on the economy."​ Source: Financial Times

Related topics: Market Trends

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