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Shares of ConAgra Foods Inc. (CAG) rose early Monday morning after the packaged foods giant posted strong fiscal second quarter results and raised its full-year guidance.
The Omaha, Nebraska-based company reported net income of $239.7 million, or $0.54 per share, for the three months that ended in November. That compares with $168.4 million or $0.37 per share in the prior-year quarter. However, net sales for the quarter decreased 2.4% from a year ago to $3.17 billion.
On average, analysts polled by Thomson Reuters had expected the company to report earnings of $0.47 per share and revenue of of $3.33 billion.
ConAgra's CEO, Gary Rodkin, said, "Our strong performance this quarter reflects continued momentum in the Consumer Foods segment and gives us heightened confidence in our fiscal 2010 EPS outlook." ConAgra also benefited from lower commodity costs for food ingredients during the second quarter. The drop in sales were due in part to lower sales of Slim Jim products.
ConAgra said it now expects fiscal 2010 full-year EPS to approach $1.73, which is up from the $1.70 it forecast in the previous quarter.
Shares spiked 97 cents, or 4.2%, to a new 52-week high of $23.13 after the bell, but then retreated to near the day's open of $22.16 by mid day.
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