UPDATE: ConAgra FQ1 Profit Drops 42%

ConAgra Foods

reported a 42% drop in its fiscal first-quarter earnings. ConAgra's quarterly profit fell to $144.3 million, or $0.34 per share, from $250.1 million, or $0.61 per share, in the year-ago period. Its earnings from continuing operations came in at $0.33 per share. Excluding one-time items, its earnings declined to $0.37 from $0.44 per share. Its revenue surged 27% to $4.2 billion, missing analysts' estimates of $4.29 billion. ConAgra shares fell 0.50% to $31.91 in pre-market trading.