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Reuters Finance News
ConAgra Earnings Down on Higher Costs
Mar 22 7:45am ET
OMAHA, Neb. (Reuters) - ConAgra Foods Inc. , a leading food service manufacturer and retail supplier, on Thursday said its fiscal third-quarter earnings fell 31 percent, in line with Wall Street estimates, reflecting the impact of higher costs.
The Omaha, Neb.-based company said it earned $98.5 million in the quarter ended Feb. 25, or 19 cents a share, compared with $143.4 million, or 30 cents a share, a year earlier. ConAgra warned last month that higher energy costs and a slowing U.S. economy would hurt its near-term profits.
Analysts expected the maker of Armour meats, Butterball turkeys and Blue Bonnet margarine to earn 19 cents a share, according to First Call/Thomson Financial.
Third-quarter revenue rose to $6.43 billion from $5.90 billion a year ago.
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