Originally published at www.seclive.com
ConAgra Foods, Inc. (NYSE:CAG) announced its financial results for the first quarter of fiscal year 2014, reporting a quarterly earnings decline of 42%. Revenue however increased 27% to $4.2B, but missed the $4.29B analyst projections. Company earnings were $144.3M, or $0.34 per share, down from last year's $250.1M and $0.61 per share. ConAgra purchased Ralcorp in January for $4.95B and expects that acquisition to continue a positive impact for the company, most recently contributing $942M in sales. The company explains its decreased earnings on the fact that its sales volumes were lower in some key categories and that the company is adjusting its marketing focus accordingly. CEO Gary Rodkin also commented that ConAgra is examining cost-savings initiatives that should have a positive result on earnings.
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