ConAgra Foods Sales Disappoint Amid Volatility in Processed Foods

Shares of ConAgra Foods are under pressure Thursday after posting sales in the latest quarter that were lower than expected.
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Shares of ConAgra Foods are under pressure Thursday after posting sales in the latest quarter that were lower than expected. Quarterly profit came in at 61 cents a share, in line with expectations. Volatility in the processed food industry left it with a sales decline and it was only able to ship $4.2 billion worth of items to customers. Sales in private brands and consumer foods segments fell 5% and 2% respectively compared to a year ago. CEO Gary Rodkin, however, thinks the setback is temporary. He said the fundamentals in ConAgra's Consumer Foods and Commercial Foods segments are improving. The two segments are benefiting from a better quality potato crop and operating efficiently. Shares of ConAgra are up about 20% since the beginning of the year.