ConAgra Beats Despite Tough Economic Conditions
Zacks.com submits:
ConAgra Foods Inc. ( CAG ) posted EPS of 50 cents for the third quarter of fiscal 2011, compared with 44 cents in the year-earlier quarter. This improvement reflected lower incentive compensation expense and recent share repurchases.
The results easily beat the Zacks Consensus Estimate of 46 cents.
Revenues
Net revenues were $3,154.7 million, up from $3,030.5 million in the year-earlier quarter, representing an increase of 4.1%. Reported revenue was also above the Zacks Consensus Estimate of $3134 million.
The increase in total revenues was due to a 7.4% hike in revenues from the Commercial Foods segment and a 2.5% rise in the Consumer Food segment.
Revenues from the Commercial Foods segment rose on the back of increased prices for flour milling operations coupled with enhanced volumes for Lamb Weston specialty potato products. The growth in revenues from Consumer Foods segment includes the favorable impact of acquisitions.
Margins
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