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ConAgra Foods Q3 Profit Falls, but Beats View; Forecast Reaffirmed (CAG)

Packaged foods giant ConAgra Foods, Inc. ( CAG ) on Thursday said its fiscal third quarter profit fell 6% from last year, but still beat analyst expectations.

The Omaha-based company reported fiscal third quarter net income of $215.1 million, or 50 cents per share, compared with $228.7 million, or 51 cents per share, in the year-ago period.

Sales rose 4% from last year to $3.15 billion.

On average, Wall Street analysts expected a smaller profit of 46 cents per share on lower revenue of $3.12 billion.

Looking ahead, CAG affirmed its previously-announced full-year earnings forecast for a low-single-digit uptick from last year's $1.74 per share. Analysts currently expect $1.75 per share for the year.

ConAgra shares rose 8 cents, or +0.4%, in premarket trading Thursday.

The Bottom Line

Shares of Conagra Foods ( CAG ) have a 4.01% dividend yield, based on last night's closing stock price of $22.93. The stock has technical support in the $21 price area. If the shares can firm up, we see overhead resistance around the $24-$25 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.

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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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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