US food group ConAgra Foods has booked an increase in first-half profits and raised its full-year earnings forecast.
In the six months to 25 November, earnings soared 68.5% to US$461.7m. Operating profit in the period climbed 69.1% to $468.7m. The increase was driven by a series of small acquisitions, the company said today (20 December).
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In recent months, ConAgra has acquired frozen ready-meal products, including those sold under the Bertolli and P.F. Chang’s brands, from Unilever. It has also bought an own-label pita chips business from Kangaroo Brands.
Last month, ConAgra announced it had struck a deal to buy US private-label group Ralcorp Holdings but that deal has yet to be finalised.
Net sales grew 7.8% to $7.05bn.
For the year, ConAgra said it forecasts EPS of at least $2.06, an increase from its previous expectations of $2.03-$2.06.
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By GlobalDataClick here for a round-up of how Wall Street view the results and the propsects for ConAgra.
