ConAgra Says High Energy Costs to Hurt Rest of Fiscal Year

ConAgra (CAG Quote) said high energy costs and the slowing economy are hurting the outlook for the rest of the fiscal year, and the company responded by lowering its earnings guidance.

The company behind brands such as Healthy Choice, Wesson and Van Camp's reported double-digit earnings growth for the first half of fiscal 2001, but said "risk-mitigating activities" will not be enough to offset higher energy costs. As a result, the additional expenses could slice 17 cents a share off the company's bottom line. ConAgra added that "were it not for the company's hedging efforts, costs would have been even higher." The company's fiscal year ends May 27. ...