ConAgra Jumps 7% After Q1 Earnings
ConAgra (NYSE: CAG) reported earnings and revenues which beat Wall Street consensus estimates on Thursday morning. The company also lifted its full-year earnings view and raised its quarterly dividend. During Thursday's trading session, ConAgra shares have risen around seven percent on heavy volume and were last trading at $27.38.
The company reported net income of $250.1 million or $0.61 per share, compared to $93.8 million or $0.22 per share, in the year ago period.
On an adjusted basis, which is comparable to analysts' consensus, ConAgra reported earnings per share of $0.44 versus $0.31 in last year's corresponding quarter. This beat analysts' consensus EPS estimates of $0.36.
Sales in the quarter were up 6.7 percent to $3.31 billion from $3.11 billion last year. This also came in ahead of analysts' consensus of $3.24 billion.
ConAgra's lifted its full-year adjusted earnings expectations for fiscal 2013 to between $2.03 and $2.06. Currently, analysts have full-year consensus EPS estimates of $1.98.
The company's board of directors raised ConAgra's quarterly dividend by a penny to $0.25 per share. On an annualized basis, ConAgra shares are now yielding $1.00.
Gary Rodkin, ConAgra Foods' CEO, said, "We are very pleased with our strong start to fiscal 2013. Based on continued momentum in our potato operations, effective margin management initiatives across the portfolio, and contribution from acquisitions, we are able to post a strong EPS performance in the midst of difficult marketplace conditions.''
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