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Conagra Brands profit misses consensus by 20.9% in fiscal Q2

Conagra Brands Inc. said its normalized net income for the fiscal second quarter ended Nov. 27, 2016, came to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS climbed year over year from 35 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $156.4 million, an increase from $152.1 million in the prior-year period.

The normalized profit margin increased to 7.5% from 6.4% in the year-earlier period.

Total revenue fell 11.5% year over year to $2.09 billion from $2.36 billion, and total operating expenses fell 12.3% on an annual basis to $1.80 billion from $2.05 billion.

Reported net income increased 51.2% year over year to $112.0 million, or 25 cents per share, from $74.1 million, or 17 cents per share.