ConAgra Foods Inc
The maker of Peter Pan peanut butter and Healthy Choice frozen meals also stood by its full-year profit forecast of slightly more than $1.50 a share, excluding one-time items.
The company said profit was $193.2 million, or 43 cents a share, in its fiscal third quarter, ended February 22, compared with $309.1 million, or 63 cents a share, a year earlier.
Excluding one-time items and discontinued operations, earnings rose to 40 cents a share from 34 cents a year earlier. Analysts on average forecast 36 cents a share.
ConAgra had said it expected profit from its consumer foods business, which accounts for about 63 percent of its sales, to show improvement in the second half of the fiscal year.
Profit in that segment rose 12 percent in the quarter.
(Reporting by Brad Dorfman; Editing by Steve Orlofsky)