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ConAgra Q4 Profits Back on Track
NEW YORK - Jun 28/06 - SNS -- ConAgra Foods Inc. reported net income of U.S. $108.5 million on sales of $2,974.6 million during the fourth quarter ending May 28, compared to a net of $101.8 million on sales of $2,998.6 million during the same 13-week period of the prior fiscal year.
This lifted net income for the 2005 fiscal year to $592 million on sales of $11,579.4 million, down from a net of $641.5 million on sales of $11,503.7 million during the 2004 fiscal year.
During the quarter, the company began reporting its operations in four segments: Consumer Foods, Food and Ingredients, Trading and Merchandising, and International Foods. Historical segment results have been adjusted to reflect the segment changes.
During the quarter, sales for the Trading and Merchandising segment were $359 million, 16% below year-ago amounts; the decrease was driven mostly by lower volumes and selling prices for wholesale fertilizer operations as well as less favorable trading conditions for energy-related products.
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