ConAgra Reports Mixed Q2 Results, Offers Initial Q3 Commentary

Shares of ConAgra Foods Inc (NYSE: CAG) were trading higher by 1.5 percent at $41.63 early Tuesday morning after the company reported its second quarter fiscal 2016 results.

ConAgra earned $0.71 per share in the second quarter on revenue of $3.093 billion. Wall Street analysts were expecting the company to earn $0.60 per share on revenue of $3.34 billion.

ConAgra noted that its Consumer Foods segment posted a double-digit operating profit growth, as did its Commercial Foods segment.

Looking forward, ConAgra expects its third quarter earnings per share to be "modestly higher" than it was in the same quarter a year ago.

Finally, ConAgra noted that it expects to complete the divestiture of its private label operations in the first quarter of calendar year 2016.