Tag: CAG

ConAgra Q1 Revenue Miss Analysts’ Expectation, Shares Fall

ConAgra Foods Inc. (NYSE: CAG) said on Thursday that net income dipped 42% in the fiscal first quarter. The Company said weaker results in the consumer food division hurt the bottom line. Overall revenue climbed 27% to $4.2 billion, aided by the acquisition of Ralcorp Holdings. Still, it fell short of street’s expectation of $4.29 billion. While sales at consumer foods unit fell 1.8% to $2 billion, sales at commercial foods unit slipped 0.4%. Shares fell sharply as the company reiterated its weaker-than-expected earnings outlook for the current quarter.

Major Movers on June 27; PAYX, PRGS, CAG, SSW, NIHD, KBH

Shares of Paychex Inc, (NASDAQ: PAYX) slumped about 5.70% by mid-day trade. The Rochester, NY based Company, which handles employee benefits and provides human resources related services, late last evening reported nearly flat earnings growth for the fiscal fourth quarter as higher revenue was offset by jump in income tax expenses.

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ConAgra to Acquire Ralcorp Holdings (CAG, RAH)

ConAgra Foods Inc (NYSE: CAG) announced on Tuesday that it agreed to buy Ralcorp Holdings Inc (NYSE: RAH) in all cash deal estimated at $4.95 billion. The deal will make ConAgra one of the largest packaged food companies in North America with estimated annual sales of $18 billion.

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