per share.
For the second quarter, ConAgra anticipates earnings will come in below the prior-year period’s 45 cents per share due to higher costs and increased marketing investments. Analysts predict earnings of 45 cents per share for the quarter.
ConAgra, based in Omaha, Neb., also said it will continue to pursue potential acquisitions.
The company withdrew its $5.17 billion takeover bid for cereal and food maker Ralcorp Holdings Inc. on Monday. Ralcorp, which makes private-label food and Post cereal, has rejected several bids from ConAgra since March, including its latest $94 per share bid last month.
ConAgra gave Ralcorp a Monday deadline to start discussions or it would walk away. Ralcorp rejected the offer for a second time on Monday and ConAgra withdrew its bid.
Shares of ConAgra fell 40 cents to close at $22.99 Tuesday.
___
Sarah Skidmore contributed to this report from Portland, Ore. Michelle Chapman contributed from New York.
Article source: Article Source
Like this:
Like Loading...