ConAgra Foods Inc. (CAG) reported that its third-quarter net income attributable to company decreased to $120.0 million from $280.1 million last year. Profit per share from continuing operations was $0.29, down from $0.67 earned a year-ago. Excluding $0.26 per share of net expense in the current quarter, and $0.14 of net benefit in the year-ago period, from items impacting comparability, current quarter profit per share was $0.55 compared to $0.53 earned in the year-ago period. Net sales improved to $3.85 billion from $3.40 billion last year.
On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.56 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $3.87 billion for the quarter.
ConAgra Foods reaffirmed expectations for fiscal 2013 profit per share to be approximately $2.15, adjusted for items impacting comparability. Analysts expect the company to report fiscal 2013 profit per share of $2.15.
The company's board approved a dividend of $0.25 per share to be paid on May 31, 2013, to stockholders of record at the close of business on April 30, 2013.
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