In a development which has led the company to raise its outlook for the current fiscal year's complete earnings once again, ConAgra Foods Inc. has posted a second-quarter profit increment of
43% on the back of lower commodities costs and gains in market share across all of its consumer foods businesses.

The actual results have managed to beat the estimates pegged by analysts, and the firm has revised its earnings forecast by 3 cents to earnings of $1.73 per share, a move which has reflected a strong first-half performance.

For the quarter up-to November 29, ConAgra, maker of popular products like Chef Boyardee pasta, Hunt's ketchup and Peter Pan peanut butter, posted a profit of $239.7 million, or 54 cents a share, a substantial rise from the figure of $168.1 million, or 37 cents a share, posted for the same period last year.

Revenue, however, declined by 2.4% to $3.17 Billion, because of 11% fall in the sale of commercial-foods segment.

Analysts polled by Thomson Reuters had shared a forecast of earnings of 47 cents a share on a revenue of $3.33 Billion.

ConAgra, like many packaged food makers, has mainly benefited from the fact that consumers preferred to eat at home more often during the recession.