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Companies and Brands

ConAgra’s Victory Lap (CAG)

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By Douglas A. McIntyre Published
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This column has been critical of ConAgra. Most of its brands are not first-tier market leaders. Its restructuring plans have been in doubt.

But, ConAgra answered the bell. The company has sold off poor performing divisions faster than planned. Cost are down. And, fiscal second quarter earnings rose 44% to $220 million.

The company’s CEO did comment that inflation could put a strain on future results,

The Wall Street Journal says that many analysts are still worried about ConAgra’s future: Credit Suisse’s David C. Nelson told clients this week that while ConAgra "might not hit a wall for some time…we continue to believe that the brands in this portfolio lack strength, and we have not yet seen evidence that CAG can drive topline growth." He rates the stock neutral.

The market liked the results. The stock had been trading below $27. It spiked up to over $28.20 on the news before settling back to $27.40.

The stock now trades near its 52-week high, and up from the low of $18.85.

The company has some believers back, and now it has to keep them.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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