Conagra rises after quarterly results beat
CAG•Conagra reported first-quarter net sales of $2.60 billion and adjusted EPS of 41 cents, beating estimates of $2.59 billion and 28 cents. It maintained its annual forecasts for organic net sales and adjusted EPS.
1. Quarterly results
Conagra shares rose about 2% in premarket trading after the packaged food company reported first-quarter net sales of $2.60 billion and adjusted EPS of 41 cents, topping analysts’ estimates. Its grocery and snacks segment sales fell 2.6%, compared with an 8.7% decline a year earlier, as demand for pantry staples such as Slim Jim meat snacks picked up. The company maintained its annual forecast for organic net sales to fall 1% to 3% and adjusted EPS of $1.40 to $1.50. “There is more work to be done,” CEO John Brase said, citing a challenging operating environment.
