UPDATE: ConAgra Foods FQ1 Earnings Top Street View, Shares Gain

Shares of ConAgra Foods

surged around 2.7% in pre-market trading after the company reported stronger-than-expected fiscal first quarter earnings. The Omaha, Nebraska-based company posted a quarterly profit of $482.3 million, or $1.12 per share, versus a year-ago profit of $144.3 million, or $0.34 per share. Excluding certain items, its adjusted earnings from continuing operations rose to $0.39 per share from $0.37 per share. Its revenue came in at $3.7 billion, versus $3.72 billion. However, analysts were expecting earnings of $0.35 per share on revenue of $3.77 billion. Sales for the consumer foods segment fell 1% to around $1.6 billion, while sales for the commercial foods segment gained 2% to $1.1 billion. Sales for the private brands segment dropped 2% to around $980 million in the quarter. ConAgra did not repurchase any shares during the first quarter. Gary Rodkin, ConAgra Foods' chief executive officer, said, “We are pleased with the good start to fiscal 2015, which demonstrates improving fundamentals and better execution. Volume for Consumer Foods is recovering, Lamb Weston's foodservice channel sales are robust, and cost savings programs across the company are coming in as planned. We remain confident that fiscal 2015 will be a year of stabilization and recovery, and I look forward to updating you on our progress throughout the fiscal year.” ConAgra reaffirmed its outlook for fiscal 2015. ConAgra shares gained 2.78% to $32.90 in pre-market trading.