ConAgra Foods (CAG) reported earnings before the bell Tuesday that came in below estimates. The stock was up on the announcement that the company plans to exit its private label food business Ralcorp. ConAgra posted earnings of $0.48 per share, compared with last year’s losses of $0.77 per share. Revenue was slightly below estimates, coming in at $4.1 billion. ConAgra has come under pressure from activist investor Jana Partners to shake up its strategy and make changes to its board after struggling to integrate its $5 billion private label acquisition, which it bought almost three years ago. Jana Partners now owns a 7 percent stake in ConAgra. Net sales for ConAgra were up 3.7 percent.
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