US ready-made food company’s profits to fall well below estimates

US ready-made food company ConAgra Foods has forecast current-quarter profit well below estimates, hurt by a drop in sales of brands such as Marie Callender’s frozen meals and Chef Boyardee pastas.

Shares of the company, which also posted lower than expected first-quarter results, fell as much as 6% in trading on Thursday.

The company’s products compete in highly competitive categories that are dominated by larger players such as Heinz and Kraft Foods Group Inc. The company also faces competition from lower- priced private label players.