ConAgra Foods Inc. reported a disappointing first quarter on Tuesday, saying intense discounting and higher costs pushed the food maker's net income down 12 percent.
The maker of Banquet, Chef Boyardee, Peter Pan and other packaged foods reported 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.