NEW YORK (TheStreet) -- ConAgra Foods (CAGreported earnings before the bell Tuesday that came in below estimates. The stock was up recently on the announcement that the company plans to exit its private label food business Ralcorp.

ConAgra posted earnings of 48 cents a share, compared with last year's losses of 77 cents a share. Revenue was slightly below estimates, coming in at $4.1 billion.

Con Agra has come under pressure from activist investor Jana Partners to shake up its strategy and make changes to its board after struggling to integrate its $5 billion dollar private label acquisition, which it bought almost three years ago. Jana Partners now owns a 7% stake in ConAgra. 

Net sales for ConAgra were up 3.7%. Over the last few quarters, the company has struggled to keep up with spending trends, as American consumers move away from packaged, tinned foods in search of healthier options and fresher ingredients. The food retailer's other brands include Peter Pan peanut butter and Healthy Choice frozen meals.

California's ongoing drought has also pushed up the cost of several key ingredients including almonds and walnuts.

However, ConAgra raised its 2015 earnings guidance from $2.15 to $2.19. Sean Connolly took on the company CEO role back in April, succeeding Gary Rodkin.

ConAgra stock has increased over 20% in the last 12 months. Connolly told investors this morning that, "Our new plan will center on a more aggressive approach to driving margin improvement through SG&A reductions, supply chain efficiencies and other projects. It also sharpens our focus on growing our consumer foods and commercial foods segments."

He added, "It has become clear that the time and energy the company is devoting to the Private Brands turnaround represent a sub optimal use of our resources."

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