ConAgra 1Q Profit Rises, Lowers Outlook

OMAHA, Neb. - ConAgra Foods Inc. says its first-quarter profit jumped as price increases boosted its sales. But its earnings from continuing operations fell shy of analyst expectations amid rising commodity costs.

The Omaha-based maker of Healthy Choice, Hunts and other brands is also lowering its outlook for fiscal 2009.

ConAgra said Thursday it earned $442.2 million, or 94 cents per share, up from $175.4 million, or 36 cents per share, a year ago.

But it says earnings from continuing operations totaled 23 cents per share - a penny below Wall Street expectations.

Tyson says revenue rose 17 percent to $3.07 billion.

The company expects earnings of $1.50 per share in fiscal 2009, from a previous range of $1.56 to $1.59 per share.