ConAgra reports 4th quarter results
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
