NEW YORK (TheStreet) -- ConAgra Foods (CAG - Get Report) shares are up 1.5% to $35.46 in early market trading on Thursday following the release of the packaged foods company's third quarter earnings results before the opening bell today.

The Omaha, NE-based company beat analysts' profit and revenue expectations for the period while also providing full year earnings guidance that beat analysts' forecast for the year.

ConAgra reported a net loss of $954.1 million for the quarter, which adjusted for one time losses and excluding certain items came to an EPS of 59 cents per diluted share, on revenue that fell 2% from the same period last year to $3.88 billion.

Analysts on average were expecting the company to earn 52 cents per diluted share on revenue of $3.87 billion.

For the full year ending in May the company raised its profit per share expectations to between $$2.15 and $2.19 per share from its previous view between $2.13 and $2.18 per share.

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 a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

CAG Chart CAG data by YCharts

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