Topic: Growth Stocks

Wall Street Stock Forecaster Hotline – Friday, September 21, 2012

Article Excerpt

CONAGRA FOODS INC., $27.51, New York symbol CAG, rose 8% this week after it reported better-than-expected quarterly earnings. The company also raised its earnings forecast for its full fiscal year and increased its dividend. ConAgra makes a wide variety of packaged foods, including Chef Boyardee canned pasta, Hunt’s tomato sauce, Peter Pan peanut butter and Orville Redenbacher popcorn. In its fiscal 2013 first quarter, which ended August 26, 2012, ConAgra’s earnings soared 166.6% to $250.1 million, or $0.61 a share. A year earlier, it earned $93.8 million, or $0.23 a share. If you exclude all unusual items, including gains and losses on hedging contracts that ConAgra uses to lock in prices for wheat, corn and other ingredients, earnings per share would have risen 41.9%, to $0.44 from $0.31. On this basis, the latest earnings beat the consensus estimate of $0.36 a share. ConAgra continues to benefit from new products, such as Greek frozen yogurt. Savings from a recent restructuring plan have also spurred earnings. Sales…