ConAgra Foods reported a beat and raise quarter before yesterday's market open, sending shares higher by $0.49, or 1.82%, to $27.34. Following the market close, shares gained another $0.56. After one-time profits, ConAgra reported earnings of $0.40/share vs. Thomson Financial consensus estimates of $0.33/share - good for a 44% profit increase over the year-earlier quarter. Revenue also came in above the consensus of $3.02 billion at a healthy $3.09 billion - a three percent increase over the previous year quarter. The company expects FY 2007 earnings to come in at between $1.28 and $1.33 per share; consensus was for between $1.22 (Bloomberg) and $1.25 (Thomson Financial). ConAgra's success was largely the result of a combination of effective cost cutting and an improved pricing structure.
• Sources: Press Release, Bloomberg, Reuters, Business Week, TheStreet
• Related commentary: ConAgra Looks Tasty For Profit-Hungry Investors, Tasty Reading in ConAgra's Late Summer Proxy
• Potentially impacted stocks and ETFs: ConAgra Foods (NYSE:CAG). Competitors: Hormel Foods Corporation (NYSE:HRL), Del Monte Foods Company (DLM), Kraft Foods (KFT), General Mills (NYSE:GIS), Tyson Foods (NYSE:TSN). ETFs: PowerShares Dynamic Mid Cap Value (PWP)
Seeking Alpha's news summaries are combined into a pre-market briefing called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only a few seconds to sign up.