ConAgra Foods Inc
The maker of Hunt's ketchup, Chef Boyardee pasta and Pam cooking spray earned $85.3 million, or 20 cents per share, in the first quarter ended on August 28, compared with $146.4 million, or 33 cents per share, a year earlier.
Excluding one-time items, ConAgra earned 29 cents per share. Analysts on average forecast 31 cents, according to Thomson Reuters I/B/E/S.
Shares of ConAgra were down 2.9 percent at $22.71 in premarket trading.
Sales rose 9.5 percent to $3.07 billion, helped by price increases. Analysts had forecast $2.94 billion.
The results come a day after ConAgra walked away from its months-long pursuit of Ralcorp Holdings Inc
ConAgra said in June that profit growth for the current fiscal year would be below its long-term goal of 6 percent to 8 percent, due mostly to higher costs for everything from meat to packaging.
It warned at the time that first-quarter profit would be lower than a year earlier as price increases have not kept pace with accelerating inflation.
On Tuesday, the company said it expected commodity costs to rise 9 percent to 10 percent in its consumer foods segment, up from its previous forecast of a 7 percent to 8 percent increase.
The company still expects full-year earnings per share to increase at a low to mid single-digit percentage rate from the $1.75 reported for fiscal 2011, excluding one-time items, with the growth coming in the second half of the year.
(Reporting by Brad Dorfman in Chicago. Additional reporting by Martinne Geller in New York; Editing by Maureen Bavdek and Lisa Von Ahn)