Conagra Brands' quarterly profit missed market expectations on Thursday, as the Slim Jim jerky manufacturer was impacted by rising raw material prices and higher transportation expenses.

A rise in commodity prices, such as wheat, sugar, and edible oils, has put pressure on packaged food firms' margins in recent months, while an overburdened supply chain has driven up freight costs.

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Conagra, for example, raised pricing as a result of this, which, combined with continued at-home cooking trends, helped the company's net sales grow 2.1 % in the second quarter.

It has increased its annual core sales target to around 3% growth from 1% previously.

In the quarter ended Nov. 28, Conagra's net income fell to $275.5 million, or 57 cents per share, from $378.9 million, or 77 cents per share, a year earlier.

Conagra earned 64 cents per share after one-time items, falling short of analysts' expectations of 68 cents per share.