UPDATE: ConAgra Reports Downbeat FQ4 Earnings

ConAgra Foods Inc

reported a strong year-over-year rise in its fiscal fourth-quarter net income on Thursday. ConAgra's earnings surged to $254.9 million, or $0.62 per share, from $90.6 million, or $0.20 per share, in the year-earlier period. Its adjusted earnings came in at $0.47 per share. ConAgra's sales climbed 5% to $3.21 billion, from $3.05 billion. Analysts were expecting earnings of $0.48 per share on revenue of $3.19 billion. ConAgra projects FY12 earnings to rise by a low- to mid-digit rate from fiscal 2011's $1.75 per share. ConAgra shares dropped 1.69% to $24.99 in pre-market trading. Read more