UPDATE: ConAgra Reports 15% Decline In FQ2 Net Income

ConAgra Foods Inc (NYSE: CAG) reported a 15% drop in its fiscal second-quarter net income.

ConAgra's quarterly earnings fell to $171.8 million, or $0.41 per share, from $200.9 million, or $0.46 per share, in the year-ago period. Its adjusted earnings from continuing operations came in at $0.47 per share. ConAgra's shares outstanding declined 5.5% to 413.6 million.

ConAgra's sales rose to $3.4 billion from $3.15 billion. Analysts were expecting a profit of $0.43 per share on sales of $3.34 billion.

ConAgra shares fell 1.10% to close at $25.17 yesterday.