Feb 11 ConAgra Foods Inc, which makes
Chef Boyardee pastas and Slim Jim beef jerky, cut its full-year
profit outlook citing weaker profits in its private label
business and lower sales of certain key brands in its consumer
Shares of the company fell more than 4 percent in premarket
trading on Tuesday.
ConAgra Foods said it now expects adjusted earnings of
$2.22-$2.25 per share for 2014, lower than its prior forecast of
$2.34-$2.38 per share.
The food company also said its Ardent Mills joint venture
with Cargill Inc and CHS Inc will now close
in the second quarter of 2014, instead of the first quarter, in
part due to the ongoing regulatory review process.
Under the deal, ConAgra will contribute its flour milling
operations and related businesses for a 44 percent stake in
(Reporting by Siddharth Cavale in Bangalore; Editing by Savio