ConAgra Foods shares slide after revenue miss
ConAgra Foods Inc. shares fell 3.4% in premarket trading Thursday after it reported fiscal fourth-quarter revenue that missed expectations. The food company had net income of $117.6 million, or 27 cents per share, down from $209.2 million, or 49 cents per share, for the same period last year. Adjusted earnings totaled 52 cents per share, meeting the FactSet estimate. Sales for the quarter totaled $2.83 billion, down from $3.13 billion for the same period last year, and missing the FactSet estimate of $2.90 billion. ConAgra reported a loss per share of 7 cents from continuing operations, which the company largely attributed to a charge for year-end re-measurement of pension amounts. The company expects fiscal first quarter 2017 EPS to show double-digit year-over-year growth. The FactSet consensus of 49 cents per share reflects 8.9% EPS growth. ConAgra stock is up 12.9% for the year to date while the S&P 500 is up 1.3% for the same period.
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