ConAgra Sees Profit Plunge, Raises Outlook

OMAHA, NEB. (TheStreet) -- ConAgra Foods(CAG Quote) posted a 63% plunge in first-quarter earnings, but on an adjusted basis beat expectations and upped its outlook.

During the quarter, the maker of Chef Boyardee and Slim Jim earned $165.9 million, or 37 cents a share, down from $442.4 million, or 94 cents, in the year-ago period.

But the prior year saw a substantial boost from the sale of its commodity trading business

On a continuing-operations basis, earnings were 37 cents a share, or 38 cents excluding items, compared with 23 cents in the year prior. Analysts expected earnings of 34 cents.

Revenue slipped 3% to $2.96 billion from $3.06 billion.

Looking ahead, ConAgra expects earnings to approach $1.70 a share, higher than the $1.65 analysts predict.

-- Reported by Jeanine Poggi in New York

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