ConAgra Profit Up 15%, Though Sales Fall 13%

EARNINGS

ConAgra Foods Inc., the third-largest U.S. food company, said fiscal second-quarter profit rose 15% after cost cuts and the sale of its farm supply and chicken businesses.

The company’s net income rose to $270.1 million, or 51 cents a share, from $235.8 million, or 44 cents, a year earlier. Sales fell 13% to $3.9 billion.

Omaha-based ConAgra has been selling off commodities businesses to focus on its higher-margin branded products such as Healthy Choice frozen entrees. Excluding sales from divested businesses, packaged foods revenue rose 3%.

Shares of ConAgra rose 67 cents to $26.15 on the New York Stock Exchange.

From Bloomberg News