ConAgra Foods Inc. cut its outlook for 2011 earnings growth after second-quarter results were weaker than expected, sending its shares down 3 percent in premarket trade.
The maker of Chef Boy-Ar-Dee pastas and Healthy Choice meals said it expects to report earnings for its just-ended second quarter of about 45 cents per share, or lower than planned. It blamed higher-than-expected commodity inflation, and a weaker-than-expected response to promotions.
The company said it now expects a low-single-digit rise in earnings per share for fiscal 2011, down from its prior forecast for a 5 to 7 percent rise.
The company plans to report earnings on Dec. 21.
ConAgra shares fell 3 percent to $21.59 in premarket trading, from Wednesday's close of $22.25 on the New York Stock Exchange.
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