ConAgra Foods Inc
But earnings still fell short of a year earlier, when the company recorded a gain from the sale of a commodities trading business.
The maker of Healthy Choice frozen dinners and Hebrew National hot dogs said on Tuesday that profit fell to $165.9 million, or 37 cents a share, in the first quarter ended August 30 from $442.4 million, or 95 cents a share, a year earlier.
Excluding one-time items, earnings were 38 cents a share, compared with 23 cents from continuing operations a year earlier. Analysts on average had forecast 34 cents, according to Reuters Estimates.
The company said it now expects earnings of about $1.70 a share for the year, excluding one-time items. In June the company forecast $1.63 to $1.66 a share.
In trading before the market opened, ConAgra shares were up 12 cents at $22.45.
(Reporting by Brad Dorfman; Editing by Lisa Von Ahn)