Conagra Brands raises 2023 forecast on higher prices


Adds details about profit forecast, share price, background

Jan 5 (Reuters) - Conagra Brands Inc CAG.N raised its annual core sales and profit forecasts on Thursday, benefiting from higher prices for its ready-to-eat meals and snacks.

Shares of Conagra, known for brands such as Birds Eye and Chef Boyardee, rose about 3% in premarket trading.

Companies across the packaged food industry in North America have undergone multiple rounds of price increases in the past year to shield their profit margins from higher costs associated with labor, freight and raw materials.

But people have accepted the price increases with little push back, as they find eating out far more expensive than cooking at home.

Conagra on Thursday forecast full-year 2023 organic sales to rise between 7% and 8%, compared with the previous expectation of 4% to 5% growth.

The company also said it now expects adjusted profit per share for the full year to rise between 10% and 14%, compared with the earlier forecast of 1% to 5% growth.

(Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini Ganguli)

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