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Conagra raises FY'18 EPS outlook

Conagra Brands Inc. lifted its earnings per share guidance for the fiscal year ending May 31, as it reported results for the third quarter ended Feb. 25.

The U.S. food company said it now expects adjusted diluted EPS for fiscal year 2018 to be in the range of $2.03 to $2.05 from a previous outlook of $1.95 to $2.02.

For the third quarter, Conagra's net income rose 101.9% to $362.8 million from $179.7 million in the same period a year ago. Adjusted diluted EPS came in at 61 cents, higher than the S&P Capital IQ mean consensus estimate of 57 cents.

During the 13-week period, the company completed the acquisition of the Sandwich Bros. of Wisconsin business and entered into an agreement to sell its Del Monte processed fruit and vegetable business in Canada to Bonduelle Group.

Conagra and The J.M. Smucker Co. also recently ended their agreement for the proposed sale of Conagra's Wesson oil business to J.M. Smucker following the decision of the U.S. Federal Trade Commission to challenge the deal. Conagra said it will continue to evaluate the role of its Wesson oil business in its portfolio.

The company repurchased about 8 million shares of common stock for $280 million during the quarter.