New Delhi, April 1 -- Shares of Conagra Brands dropped roughly 3% on Wednesday following the release of the company's third-quarter financial results. The manufacturer of Hunt's ketchup indicated that annual profits would likely settle at the bottom of its projected range, citing sustained high costs within a turbulent macroeconomic landscape.

The ongoing conflict in Iran has intensified these economic pressures, inflating expenses for food producers who were already struggling with rising input prices and shifting consumer dietary habits. To counter the increased costs of ingredients like palm oil, cocoa, and olive oil - alongside tin-plate steel tariffs - Conagra had implemented price hikes. During the third quarter, prices saw an upti...