The continued price inflation in commodities deflated third-quarter profits for ConAgra Foods.
The Omaha-based packaged food giant still beat Wall Street estimates, posting net income of $214.8 million, or 50 cents per share, during its fiscal third quarter. That compares with $229.6 million and 51 cents per share a year ago. Analysts expected 46 cents per share.
Saddled with higher commodity costs on everything from proteins to edible oils to packaging materials, ConAgra raised prices on about half of its products during the quarter. Consumer response to those increases won’t be fully realized until the fourth quarter, company officials said Thursday.