ConAgra sees higher-than-expected quarterly profit
NEW YORK (Reuters) - ConAgra Foods Inc (CAG.N) said on Tuesday fourth-quarter earnings would be higher than expected, boosted by results at its trading and merchandising unit, whose sale was completed after the quarter ended.
ConAgra, whose shares rose more than 4 percent in premarket trading, said it previously expected earnings in the quarter, ended May 25, of 30 cents to 35 cents a share before one-time items.
"The company is also pleased with the overall performance of the Food and Ingredients segment, as well as improved execution with regard to pricing in the Consumer Foods segment," ConAgra said in a statement.
Its shares stood at $23.14 in premarket trading, up from Monday's close at $22.22 on the New York Stock Exchange.
(Reporting by Aarthi Sivaraman, editing by Gerald E. McCormick and John Wallace)
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