ConAgra Foods 2nd-quarter results mixed, sales fall
OMAHA, Neb. (AP) — ConAgra Foods’ fiscal second-quarter results were mixed, as revenue slipped due to weakness in its consumer foods segment.
ConAgra has been working to intensify its focus on key name brand foods. Last month the company announced that it was spinning off its frozen potatoes business under the Lamb Weston name. It’s also splitting off leading brands such as Chef Boyardee and Healthy Choice into Conagra Brands Inc. and moving its headquarters from Omaha, Nebraska to Chicago by next summer.
ConAgra said Tuesday that it expects to complete the sale of its private label operations in 2016′s first quarter.
The maker of Hebrew National hot dogs and other packaged foods earned $154.9 million, or 35 cents per share, for the period ended Nov. 29. A year earlier the company earned $10 million, or 2 cents per share.
Excluding certain items, earnings 71 cents per share.
The results beat the 59 cents per share that seven analysts surveyed by Zacks Investment Research were calling for.
Revenue fell to $3.09 billion from $3.14 billion. Four analysts surveyed by Zacks expected higher revenue of $3.39 billion.
Sales for the consumer foods unit declined 3 percent, while sales for the commercial foods division edged up 1 percent.
ConAgra Foods Inc.’s stock added 41 cents to $41.40 before the market open.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAG at http://www.zacks.com/ap/CAG
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