ConAgra Profit Soars, Sells Trading Unit

[Omaha Steve]

http://money.excite.com/jsp/nw/nwdt_rt_top.jsp?news_id=ap-d8vlqd5o0&

Thursday March 27, 9:49 AM EDT

OMAHA, Neb. (AP) — ConAgra Foods Inc. said Thursday its third-quarter profit soared 60 percent as it raised prices and improved sales, beating Wall Street estimates, and increased its financial outlook for the full year.

The owner of brands like Healthy Choice, Chef Boyardee and Peter Pan also announced that it plans to sell its commodities trading group to the Ospraie Special Opportunities fund for $2.1 billion in cash and stock.

Conagra's shares shares jumped $1.37, or 6.3 percent, to $23.25 in morning trading.

In the third quarter ended Feb. 24, ConAgra reported net income of $309.1 million, or 63 cents per share. That's up from $192.6 million, or 38 cents per share, a year ago when results were depressed by a recall of its Peter Pan peanut butter.

Revenue rose to $3.53 billion, up from $2.9 billion a year ago.

Analysts polled by Thomson Financial expect earnings of 39 cents per share on revenue of $3.17 billion.

FULL story at link.

[NMDemDist2]

1. well now we see why our grocery bills are climbing like mad eh?

just like Big Oil, they whine about having it tough, then post record profits.

Does anybody else smell a rat?

PS this should be cross posted to GD IMO

[Dr.Phool]

2. Yeah Con Agra. A 50# bag of your flour for my pizza shop cost $8 last year.

In January it was $15. Last week it was $35.

Ain't got a fucking clue what it will cost next week.

[NMDemDist2]

3. I hear ya, I bake a LOT at home, all our bread and desserts

I stocked up at Xmas 5# for $1 a bag for bread and APF, and buy a bag every time I see a sale at the store.

Last time it was 'on sale' I paid $2.25 for 5# (last week)

and I'm not talking King Arthur here, I'm getting the store brand. KA is over $5 for 5# :cry:

good luck, between gas prices and flour, I hope your customers will understand the new higher prices of their Saturday night pizzas

[Earth Bound Misfit]

4. looks like lots o' mac & cheese n'..

pbnj's in my immediate future.

http://www.youtube.com/watch?v=s8MDNFaGfT4

Edit: knr

[NMDemDist2]

5. what do you think they make the macoroni out of? wheat again

better get a couple pots on the patio and plants some lettuce and tomatoes

:hide: