Will Better Than Expected Earnings Help ConAgra (CAG) Today?

NEW YORK (TheStreet) -- ConAgra (CAG) posted a higher than expected fiscal third quarter earnings report Thursday, posting double-digit earnings growth while also reiterating its full year profit forecast of $2.22 to $2.25 a share. That forecast, however, is  lower than analysts' average forecast of $2.34 a share.

The commercial food maker of products such as Slim Jim, Swiss Miss  and Chef Boyardee had private brand sales of $1.1 billion, $600 million more than it had a year ago. That large jump, however, was due mainly to its acquisition of Ralcorp during that time.

Sales for the commercial foods segment were down slightly to $1.5 billion, while total revenue rose 14.5% to $4.4 billion.

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TheStreet Ratings team rates CONAGRA FOODS INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate CONAGRA FOODS INC (CAG) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, good cash flow from operations, increase in net income and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

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