ConAgra Cuts 1Q Earnings Forecast; Consumer Foods Sales Down

The maker of Chef Boyardee pasta and other products said profit in its largest segment was lower than a year earlier, with high-single-digit sales growth on essentially flat volume, but ingredient costs were higher than planned. Key areas of underperformance were cooking oils, tablespreads, Banquet frozen foods and popcorn.

The company said its supply chain and savings initiatives are on track toward full-year targets.

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