UPDATE: ConAgra Foods Spikes To Yr Highs as Q1 Beats, Raises FY13 EPS Guidance Above Street, Lifts Dividend

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ConAgra Foods ( CAG ) is up 7.1% at $27.47 after hitting a new year high of $27.75. CAG today reported Q1 earnings of $0.44 per share, ex one-time items, versus the Capital IQ consensus of $0.35. Revenues were $3.31 bln, versus the analyst estimate of $3.24 bln.

The company raised its FY13 EPS outlook to $2.03 - $2.06, excluding non-recurring items, from the previous outlook of $1.95 - $1.99, above the $1.98 consensus estimate.

Additionally, CAG's board of directors raised the quarterly dividend by $0.01 to $0.25 per share, starting with the dividend to be paid in December 2012. With this change, CAG's annualized dividend will be $1.00 per share.

Shares have increased 19% in the last 12 months.



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This article appears in: Investing , Commodities

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