Dive Brief:

• ConAgra said net income rose 17.5 percent to 58 cents a share, or $248.7 million, in the second quarter. Analysts had expected earnings of only 55 cents a share.
• The good news in the quarter was private brand sales of $1.1 billion, (some $900 million of that came from recently purchased Ralcorp), as well as strong sales of Hunt's ketchup and Marie Callender's frozen meals.  
• Overall, consumer sales were flat. Many well-known brands such as Chef Boyardee, Orville Redenbacher’s and Healthy Choice, are performing below expectations, according to senior management.

Dive Insight:

ConAgra's $5 billion purchase of private-label powerhouse Ralcorp is looking pretty smart today. Those store-brand sales made all the difference for ConAgra in the second quarter. Much of the rest of the earnings report seemed to suggest trouble ahead. It's likely we'll see cuts in other ConAgra units like we saw last month at its Lincoln Snacks unit.