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Conagra Brands fiscal Q2 profit climbs 6.2% YOY

Conagra Brands Inc. said its normalized net income for the fiscal second quarter ended Nov. 23 amounted to 54 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS rose 5.3% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $230.6 million, an increase of 6.2% from $217.1 million in the year-earlier period.

The normalized profit margin climbed to 6.3% from 5.1% in the year-earlier period.

Total revenue declined year over year to $4.15 billion from $4.22 billion, and total operating expenses declined on an annual basis to $3.73 billion from $3.78 billion.

Reported net income declined 89.5% year over year to $21.5 million, or 5 cents per share, from $205.0 million, or 48 cents per share.