updated 9/22/2009 8:58:30 AM ET 2009-09-22T12:58:30

ConAgra Foods says its fiscal first-quarter profit dropped 63 percent as the prior year saw a large gain from the sale of its commodity trading business, but adjusted results beat analysts' estimates.

Omaha-based Conagra Foods Inc. also lifted its adjusted full-year earnings guidance.

The maker of Chef Boyardee and Slim Jim earned $165.9 million, or 37 cents per share, for the period ended Aug. 30. That's down from $442.4 million, or 94 cents per share, a year ago.

Earnings included a 1-cent-per-share charge related to investments.

Revenue dipped 3 percent to $2.96 billion on lower sales in ConAgra's commercial foods segment.

Analysts forecast net income of 34 cents per share on revenue of $3.09 billion.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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