ConAgra net off 12% in fiscal 1Q

By Associated Press
Posted Sep. 21, 2010 at 7:13 a.m.

Foodmaker ConAgra Foods Inc. says tight competition, inflation and a sluggish retail environment pushed first quarter net income down 12 percent.

The company reported Tuesday that it earned $146.4 million, or 33 cents per share, for the quarter. That’s down from $165.9 million, or 37 cents per share, in the same quarter last year.

ConAgra says its revenue fell 2 percent, to $2.82 billion from $2.89 billion in the quarter last year.

The results missed analyst expectations of 39 cents per share on revenue of $2.96 billion.

The company predicted Tuesday that its full-year net income will rise 5 percent to 7 percent, pulling back from prior guidance of 8 percent to 10 percent growth.

Shares fell 4 percent in premarket trading.

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