ConAgra Foods Posts Upbeat Q3 Earnings, Raises Earnings Forecast

Shares of

rose over 3% in pre-market trading after the company reported upbeat earnings for the fiscal third quarter and raised its full-year guidance. The Omaha, Nebraska-based company posted a quarterly net loss of $954.1 million, or $2.23 per share, versus a year-ago profit of $234.3 million, or $0.52 per share. Excluding non-recurring items, the company's adjusted earnings came in at $0.59 per share. Its revenue declined 1.8% to $3.88 billion. However, analysts were expecting earnings of $0.52 per share on revenue of $3.87 billion. Sales for the consumer foods segment slipped 2% to around $1.8 billion in the quarter, while sales for the commercial foods segment gained 1% to $1 billion. Sales for the private brands segment dipped 5% to $1 billion in the quarter. Gary Rodkin, ConAgra Foods' chief executive officer, said, "We are pleased with the performance of our Consumer Foods segment and our domestic Commercial Foods business, as well as the robust efficiencies we are generating across the company. Our Private Brands segment, however, is significantly below expectations; we are in the midst of implementing initiatives to improve execution to drive better performance starting in fiscal 2016." For fiscal 2015, ConAgra raised its adjusted earnings forecast to $2.15 to $2.19 per share, versus analysts' estimates of $2.14 per share. ConAgra shares gained 3.03% to $36.00 in pre-market trading.