ConAgra Earnings Will Miss Estimates
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ConAgra Foods Inc. said earnings would be at least one-third less than analyst estimates, its second straight quarterly profit warning, as the U.S. economy and energy costs weigh on results.
The giant food company, whose brands include Armour meats and Bumble Bee tuna, expects to earn 19 cents to 23 cents a share in its fiscal fourth quarter. Analysts on average were expecting 35 cents, according to market research firm First Call/Thomson Financial.
The Omaha-based company also restated earnings, as it said it would in late May, for fiscal years 1998, 1999 and 2000 because of improperly booking sales at its United Agri Products Cos. unit and other accounting problems.
Shares of ConAgra fell 46 cents to $20.53 on the NYSE.
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