ConAgra Foods Inc. reported Thursday its quarterly net income rose 4.8% from a year ago, helped by its specialty potato and ingredients business and its just-divested commodities-trading unit.
ConAgra, which has been restructuring its business to focus on its best-selling brands and raising product prices to offset surging commodity costs, also issued a forecast for its fiscal year and current quarter that lagged Wall Street's expectations.
Its stock, which has held up better than most food makers this year, fell almost 3% in Thursday morning trading.
For the quarter ended May 25, sales at its food and ingredients unit surged 32% to $1.2 billion, thanks to higher prices and export volumes for its Lamb Weston potatoes. The consumer foods segment posted a 6% sales increase.
