ConAgra's first-quarter earnings nearly tripled as the food producer cut costs and volumes increased.

The Omaha, Nebraska company posted net income of $482.3 million, or $1.12. Earnings, adjusted for one-time gains and costs, came to 39 cents per share, or 4 cents better than Wall Street had expected, according to a poll of analysts by Zacks Investment Research.

The maker of Chef Boyardee, Hebrew National hot dogs and other packaged foods posted revenue of $3.7 billion, just edging out expectations.

The company expects full-year earnings to grow in the mid-single digits from its 2014 earnings of $2.17 per share.

Shares of ConAgra Foods Inc. have decreased 5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 8 percent.