ConAgra Foods Profits on Higher Prices

Profiting on higher prices appears to be good for food manufacturers.

ConAgra Foods, Inc., a leading member of the Grocery Manufacturers Association, reported its results for the fiscal 2008 fourth quarter. Overall sales grew 15% and fourth-quarter net income rose 4.8%

Gary Rodkin, chief executive officer of ConAgra Foods commented about the strong results, “In fiscal 2008, we made progress in several important areas of our company, most notably pricing, the innovation pipeline, more effective marketing, and efficiencies.

He went on to say, "we have an even greater focus on successfully executing the initiatives in our core food operations, as well as a much stronger foundation on which to deliver predictable and sustainable profitable growth going forward.”

The Grocery Manufacturer Association and its members have been strong critics of America's move to biofuels. But it's clear this is just a calculated distraction to record profits and justify higher food prices.

Source: ConAgra Foods

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