Omaha, NE - Agriculture and food giant ConAgra Inc.'s profit rose 1 percent in its second quarter following three straight quarters of lower earnings pegged to excess meat supplies and lower export demand in Asia.
ConAgra earned $219 million in the second quarter of its 1999 fiscal year, up from $217.2 million in the same period last year. Earnings per diluted share were 46 cents, equal to the same period last year.
ConAgra had better results in its pork, poultry and Australia beef operations. U.S. beef profits were down, but the profit decline narrowed.
Despite the improvement in ConAgra's earnings, the company's stock closed off 62 1/2 cents at $30.12 1/2 in trading on the New York Stock Exchange.
Sales in the second quarter were down 2 percent at $6.4 billion from $6.55 billion, but half-year sales were up .6 percent from last year's first half at $12.89 billion from $12.81 billion.
For the first half of the year, net income was $328.3 million, down 2 percent from $335.5 million in the first half of 1998. Earnings per diluted share were 69 cents in the first half of the year, down 2.8 percent from 71 cents in the same period last year.
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
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