ConAgra Foods Stock Gains After Better-than-expected Profit, Upbeat Outlook

ConAgra Foods Inc.'s stock rallied 1.6% in premarket trade Thursday, after the packaged food company reported a better-than-expected fiscal third-quarter profit and provided an upbeat full-year outlook. For the quarter ended February, the company swung to a net loss of $954.1 million, or $2.23 a share, from a profit of $234.3 million, or 52 cents a share, in the year-earlier period. Excluding non-recurring items, such as a large impairment charge, adjusted earnings per share came in at 59 cents, beating the FactSet consensus of 52 cents. Revenue slipped 1.8% to $3.88 billion, just shy of the FactSet consensus of $3.87 billion, weighed by a 2% sales decline in its consumer foods business. For fiscal 2015, the company expects adjusted EPS of $2.15 to $2.19, above the FactSet consensus of $2.14. The stock has lost 3.7% year to date, while the S&P 500 has gained 0.1%.