OMAHA, Neb. (AP) — ConAgra's first-quarter net income dropped 42 percent compared with last year when it recorded a huge accounting benefit, but the company still fell short of profit expectations and it cut its outlook for 2014.
The Omaha, Neb. company, whose brands include Chef Boyardee and Marie Callender's, earned $144.3 million, or 34 cents per share, for the period ended Aug. 25. That's down from $250.1 million, or 61 cents per share, a year ago.
The latest quarter included higher restructuring costs, while the prior-year period including an accounting related benefit of 20 cents per share.
Removing these and other items, earnings from continuing operations were 37 cents per share.
Analysts expected earnings of 38 cents per share, according to a FactSet poll. Wall Street had been predicting earnings of 45 cents per share before ConAgra warned earlier this month that its results would disappoint.
Shares of ConAgra declined 41 cents to $31.66 in morning trading Thursday.
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