ConAgra Foods Jumps on Q4 Results

ConAgra Foods CAG released its fiscal fourth-quarter earnings results prior to the opening bell on Thursday. Due to an accounting change, ConAgra reported a GAAP net-loss, but adjusted earnings came in ahead of Wall Street estimates. In the quarter, the net loss attributable to shareholders was $86.2 million or $0.21 per share, compared to a profit of $250.1 million or $0.60 per share, in last year's corresponding quarter. On an adjusted basis, which is comparable to analysts' consensus, CAG reported earnings per share of $0.51 versus $0.47 per share last year. This beat analysts' consensus EPS estimates of $0.50. Net sales in the quarter were up 6.3% to $3.41 billion from $3.21 billion in last year's fourth-quarter. This also came in better than Wall Street consensus revenue estimates of $3.38 billion. For the full year, ConAgra reported net income attributable to the company of $467.9 million or $1.13 per share, versus $817.6 million or $1.90 per share, in the prior year. Adjusted earnings per share was $1.84, which exceeded analysts' full-year EPS projections of $1.78. Revenues were up 7.8% year over year to $13.26 billion versus Street estimates of $13.18 billion. In fiscal 2013, ConAgra expects adjusted earnings growth of 6% to 8%. Analysts are projecting that the company will report EPS of $1.93 in fiscal 2013. On Thursday, the stock has risen 3.56% to just under $25.50, bucking the broader market trend. Shares have been moving higher throughout the session after gapping up moderately at the open.