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CONAGRA REPORTS FIRST QUARTER EARNINGS

 CONAGRA REPORTS FIRST QUARTER EARNINGS
 OMAHA, Neb., Sept. 22 /PRNewswire/ -- ConAgra Inc. (NYSE: CAG) today


reported earnings for fiscal year 1993's first quarter ended August 30, 1992, confirming preliminary results announced last week on September 16.
 Fiscal '93 first quarter earnings per share rose 4 percent to 28 cents from 27 cents in last year's first quarter. Net income was up 5 percent to $71.9 million from $68.7 million. Pretax earnings increased 2 percent to $117.9 million from $115.5 million. Net sales gained 4 percent to $5.5 billion from $5.3 billion.
 Philip B. Fletcher, ConAgra's president and chief executive officer, commented, "This is a satisfying start for the year with first quarter earnings right on plan. Our plans indicate a larger gain in reported earnings during fiscal '93's latter nine months, and we continue to expect ConAgra's 13th consecutive year of record earnings. We also are confident that our company's trend line earning power is growing at a strong pace as reflected by the 15 percent dividend increase we announced last week."
 In ConAgra's largest industry segment, Prepared Foods, operating profit declined in fiscal '93's first quarter. Earnings were constrained by heavy spending to support new consumer product introduction and temporary weakness in some industries. ConAgra anticipates increased operating profit in Prepared Foods for the full year.
 The Prepared Foods' major shelf-stable products business, Hunt- Wesson, enjoyed strong unit volume growth in the first quarter; earnings were up and far ahead of plan. The processed meats business achieved a significant earnings gain, and Armour Swift-Eckrich continued its very successful introduction of Healthy Choice cold cuts, hot dogs and deli meats.
 Results were mixed in fresh meat and poultry products. Cattle feeding had healthy earnings, rebounding sharply from weak results when the industry began a cyclical slump in last year's first quarter. Pork results improved significantly. Beef processing earnings were down substantially as industry volumes pressured margins. The turkey products business had a major earnings gain driven by operational efficiency, not strong markets. Margins in the chicken products business were severely squeezed compared to good results a year ago as industry supply remained excessive.
 In the consumer frozen foods business, operating profit was below last year's first quarter as the war in the freezer case continued to take its toll. ConAgra's plan calls for improved results as fiscal '93 progresses, with enhanced potential if the war-weary industry returns to normal competitive intensity.
 Golden Valley and the Lamb-Weston potato processing business both increased earnings in fiscal '93's first quarter. Arrow Industries, a private label consumer products business acquired after last year's first quarter, made a good contribution to earnings. Beatrice Cheese's earnings decreased as planned to support the first quarter introduction of Healthy Choice cheese products. Seafood earnings were down in the first quarter.
 In ConAgra's Agri-Products industry segment, operating profit increased slightly in fiscal '93's first quarter and should be up more for the year. The crop protection chemicals business had a good earnings gain. The fertilizer business was on plan, beginning an improvement trend expected to continue this year. Specialty retailing earnings decreased.
 First quarter operating profit was down in ConAgra's Trading and Processing industry segment where full year results are expected to be not a great deal different than last year's record level.
 First quarter grain processing earnings decreased. Grain merchandising results were about the same as in last year's first quarter. The latter two businesses were adversely affected by the rain- delayed harvest of U.S. wheat. Post-harvest prospects are better. The Australian beef business and the specialty food ingredients business enjoyed significant earnings growth. European processing results improved. Earnings were down for other segment businesses in the aggregate.
 In fiscal '93's first quarter, interest expense was lower than in last year's first quarter due to lower interest rates, paying off long- term debt issues which had a relatively high interest rate and management actions to reduce interest expense.
 CONAGRA INC.
 Sales and earnings for fiscal 1993 first quarter (13 weeks) and
 fiscal 1992 first quarter (13 weeks) ended Aug., 30, 1992 and
 Aug. 25, 1991.
 In millions except per share amounts.
 FIRST QUARTER (June-Aug.)
 Percent
 Fiscal 1993 Fiscal 1992 Change
 Net sales $5,516.0 $5,325.2 3.6
 Costs and expenses
 Cost of goods sold 4,854.7 4,650.2 4.4
 Selling, administrative
 and general expenses 482.3 476.0 1.3
 Interest expense, net 67.1 86.8 (22.7)
 5,404.1 5,213.0 3.7
 Income before equity in earnings
 of affiliates and income taxes 111.9 112.2 (0.3)
 Equity in earnings of affiliates 6.0 3.3 81.8
 Income before income taxes 117.9 115.5 2.1
 Income taxes 46.0 46.8 (1.7)
 Net income 71.9 68.7 4.7
 Less preferred dividends 6.0 6.0 0.0
 Net income available
 for common stock $ 65.9 $ 62.7 5.1
 Earnings per common and
 common equivalent share $ 0.28 $ 0.27 3.7
 Weighted average number of
 common and common equivalent
 shares outstanding 235.3 229.2 2.7
 -0- 9/22/92
 /CONTACT: Walt Casey of ConAgra, 402-595-4154/
 (CAG) CO: ConAgra Inc. ST: Nebraska IN: FOD SU: ERN


MC -- DV005 -- 2252 09/22/92 14:23 EDT
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