ConAgra Foods Inc's quarterly profit beat analysts' lowered estimates and the maker of Hunt's tomato ketchup and Slim Jim beef jerky maintained its full-year earnings forecast. The company last month cut its fiscal 2014 profit forecast for the second time, blaming weak sales in its private-label business and a steeper-than-expected fall in sales of its own brands.ConAgra said on Thursday revenue at its consumer foods business, which sells brands such as Chef Boyardee pastas and Reddi-wip whipped cream, fell 3.5 percent to about $1.87 billion in the third quarter, due to a 3 percent fall in sales volumes.Sales in its private-label business more than doubled to $1.06 billion in the quarter, mostly due to its acquisition of store-branded foods maker Ralcorp Holdings last year.Total revenue rose 14.5 percent to $4.39 billion.
ConAgra Foods, Inc. is a packaged food company. The Company operates in four segments: Consumer Foods, Commercial Foods, Ralcorp Food Group, and Ralcorp Frozen Bakery Products. Shares of CAG fell by 0.74% or $-0.22/share to $29.59. In the past year, the shares have traded as low as $28.09 and as high as $37.28. On average, 3650580 shares of CAG exchange hands on a given day and today's volume is recorded at 3281251.
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