ConAgra Brands (NYSE: CAG) reported Q3 EPS of $0.48, $0.04 better than the analyst estimate of $0.44. Revenue for the quarter came in at $1.98 billion versus the consensus estimate of $1.98 billion.

• Diluted EPS from continuing operations grew from $0.16 to $0.41; adjusted diluted EPS from continuing operations grew 37.1% from $0.35 to $0.48, despite the inclusion in the prior-year period of the Spicetec Flavors and Seasonings and JM Swank businesses, which were divested in the first quarter of fiscal year 2017.
• "Adjusted" financial measures exclude the comparability items summarized at the end of this release and are non-GAAP. Please see the end of this release for reconciliations to the most directly comparable GAAP financial measures.
• Net sales decreased 9.9%. Net sales excluding the impacts of divestitures and foreign exchange decreased 4.8%, largely driven by the Company\'s continued progress in building a higher quality revenue base.
• Gross margin (net sales less cost of goods sold as a percent of net sales) expanded 310 basis points, and adjusted gross margin expanded 180 basis points.

CEO PerspectiveSean Connolly, president and chief executive officer of Conagra Brands, commented, "I am pleased with our ongoing progress in reshaping our portfolio, capabilities, and culture. Our disciplined focus on controlling costs and upgrading the quality of our revenue base are delivering the desired impact. We are also excited about our innovation lineup, which we expect to begin hitting stores this summer."

He added, "Now that we have completed the third quarter, we are updating our full year guidance to reflect the beneficial timing of certain costs and the softer near-term macro environment. We expect to deliver adjusted diluted EPS at or slightly above the high-end of our range with net sales (excluding the impacts of divestitures and foreign exchange) at or slightly below the low-end of our range."

For earnings history and earnings-related data on ConAgra Brands (CAG) click here.