Omaha, Neb. (
) -- ConAgra Foods, a leading packaged-foods company, posted second-quarter fiscal 2010 results that beat Wall Street estimates as consumers ate at home more during the recession.
A Thomson Reuters' poll of analysts had expected earnings of 47 cents per share.
ConAgra, which own leading food brands including Marie Callender's, Slim Jim and Healthy Choice, reported earnings of $239.7 million or 54 cents per share in the quarter ended November 29, which is 43% more than the $168.1 million or 37 cents per share figure reported in the same quarter last year. During the second quarter, ConAgra also benefited from lower commodity costs for food ingredients.
However, ConAgra's sales fell $3.2 billion, down 2.5% from $3.3 billion in the previous year. The company's sales results had experienced a 1% negative impact from lower sales of Slim Jim products as the brand continues to recover. ConAgra said that SKU (stock-keeping units) rationalization also hurt sales by 1%.
ConAgra has raised its fiscal 2010 full-year diluted EPS from continuing operations, excluding one-time items, to $1.73 from the $1.70 figure it provided in the previous quarter.
stock is up 0.2% at $22.20, while competitor
has risen 0.7% at $42.30.
shares have lost 0.1% to $27.
stock is up 0.5% to $69.30.
-- Reported by Andrea Tse in New York
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