ConAgra Foods Q2 Profit Falls, but Still Beats View (CAG)

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Packaged foods maker ConAgra Foods, Inc. ( CAG ) on Tuesday posted a 15% drop in fiscal second quarter earnings, but adjusted results still beat analyst estimates.

The Omaha, NE-based company reported fiscal second quarter net income of $171.8 million, or 41 cents per share, compared with $200.9 million, or 46 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 47 cents per share.

Sales rose 8% from last year to $3.4 billion.

On average, Wall Street analysts expected a smaller profit of 43 cents per share, on slightly lower revenue of $3.34 billion.

Looking ahead, CAG said it still expects full-year earnings to rise in the low- to mid-single-digits percent range from last year's $1.75 per share.

ConAgra shares were unchanged in premarket trading Tuesday.

The Bottom Line
Shares of ConAgra Foods ( CAG ) have a 3.81% dividend yield, based on last night's closing stock price of $25.17. The stock has technical support in the $23-$24 price area. If the shares can firm up, we see overhead resistance around the $27-$28 price levels.

ConAgra Foods, Inc. ( CAG ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: CAG

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