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Conagra Brands fiscal Q3 profit climbs 5.8% YOY

Conagra Brands Inc. said its normalized net income for the fiscal third quarter ended Feb. 22 was 55 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS climbed 5.8% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $233.8 million, an increase of 5.8% from $221.0 million in the prior-year period.

The normalized profit margin climbed to 7.2% from 5.6% in the year-earlier period.

Total revenue decreased on an annual basis to $3.88 billion from $3.95 billion, and total operating expenses decreased on an annual basis to $3.45 billion from $3.51 billion.

Reported net income came to a loss of $952.4 million, or a loss of $2.23 per share, compared with income of $222.2 million, or 52 cents per share, in the prior-year period.