ConAgra Foods Profit Drops 13%


ConAgra Foods says its fiscal fourth-quarter profit fell 13 percent as the prior-year period benefited from the sale of its commodity-trading unit.

The maker of Chef Boyardee and Hunt's tomato sauce earned $174.7 million, or 39 cents per share. That's down from $201.3 million, or 41 cents per share, a year ago.

Income from continuing operations surged to $175.3 million, or 39 cents per share, from $85.4 million, or 17 cents per share.

Excluding net expense of 2 cents per share, income was 41 cents per share.

Sales grew 8 percent to $3.3 billion.

Analysts predicted profit of 41 cents per share on sales of $3.33 billion.

ConAgra predicts 2010 adjusted earnings from continuing operations of $1.63 to $1.66 per share.