Competition hurts ConAgra 1st-quarter net income

OMAHA, Neb. -- Food maker ConAgra Foods Inc. says tight competition, inflation and a sluggish retail environment pushed first quarter net income down 12 percent.

The company, with local operations in Naperville and Glen Ellyn, reported Tuesday that it earned $146.4 million, or 33 cents per share, for the quarter. That's down from $165.9 million, or 37 cents per share, in the same quarter last year.

ConAgra says its revenue fell 2 percent to $2.82 billion from $2.89 billion in the quarter last year.

The results missed analyst expectations of 39 cents per share on revenue of $2.96 billion.

The company predicted Tuesday that its full-year net income will rise 5 percent to 7 percent, pulling back from prior guidance of 8 percent to 10 percent growth.

Shares fell 4 percent in premarket trading.