ConAgra continues to benefit from Ralcorp in 3Q

Written By THE ASSOCIATED PRESS Posted: 03/20/2014, 01:52am

OMAHA, Neb. — ConAgra Foods’ fiscal third-quarter net income nearly doubled as it continues to benefit from the acquisition of private-label food maker Ralcorp.

Its adjusted profit topped analysts’ estimates.

The food company, which owns brands such as Chef Boyardee and Marie Callender’s, earned $234.3 million, or 55 cents per share, for the period ended Feb. 23. That’s up from $120 million, or 29 cents per share, a year ago.

Stripping out certain items, earnings were 62 cents per share.

Analysts polled by FactSet expected earnings of 60 cents per share.

Shares of ConAgra gained 41 cents to $30 before the market open.

Revenue for the Omaha, Neb., company climbed 15 percent to $4.39 billion from $3.83 billion thanks in part to the $5 billion Ralcorp acquisition in January 2013. In the consumer foods segment, sales improved for brands including Reddi-wip, Slim Jim and Swiss Miss.

Wall Street expected revenue of $4.43 billion.

ConAgra Foods Inc. still anticipates full-year adjusted earnings between $2.22 and $2.25 per share. Analysts predict $2.23 per share.

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