ConAgra Misses Earnings Estimates, Hikes Dividend
Sales fell 2.4% from a year earlier to $2.8 billion, the company said in a statement.
The earnings for first quarter of fiscal 2011 included 2 cents a share of net expense from items affecting comparability, while the earnings for first quarter fiscal 2010 included 1 cent a share of net expense from items affecting comparability.
ConAgra now expects comparable earnings per share to grow by 5%-7% in fiscal 2011, with all the growth taking place in the third and fourth quarters.
ConAgra said it would raise its quarterly dividend to 23 cents a share, from 20 cents per share currently. The first payment of 23 cents a share will be made on Dec 1., the company said in a statement.