ConAgra Foods (NYSE: CAG) is expected to report Q2 earnings on Dec. 20. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict ConAgra Foods's revenues will grow 8.4% and EPS will increase 17.0%.

The average estimate for revenue is $3.69 billion. On the bottom line, the average EPS estimate is $0.55.

Revenue details
 Last quarter, ConAgra Foods reported revenue of $3.31 billion. GAAP reported sales were 6.7% higher than the prior-year quarter's $3.11 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.44. GAAP EPS of $0.61 for Q1 were 177% higher than the prior-year quarter's $0.22 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 26.4%, 720 basis points better than the prior-year quarter. Operating margin was 12.9%, 610 basis points better than the prior-year quarter. Net margin was 7.6%, 460 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $14.30 billion. The average EPS estimate is $2.07.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 620 members out of 690 rating the stock outperform, and 70 members rating it underperform. Among 201 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 188 give ConAgra Foods a green thumbs-up, and 13 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ConAgra Foods is outperform, with an average price target of $27.54.

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