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 Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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