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Oct. 7, 2021, 7:56 a.m. EDT

Conagra sales decline but beat the Street

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By Tonya Garcia

Conagra Brands Inc. /zigman2/quotes/200394144/composite CAG +1.26% reported fiscal first quarter net income totaling $235.4 million, or 49 cents per share, down from $329.0 million, or 67 cents per share, last year. Adjusted EPS of 50 cents beat the FactSet consensus for 48 cents. Sales of $2.653 billion were down from $2.679 billion but also ahead of the FactSet consensus for $2.539 billion. The decline was attributed, in part, to divestitures of the Peter Pan, Egg Beaters and H.K. Anderson businesses. Remaining brands include Vlasic, Duncan Hines and Healthy Choice. In a statement Chief Executive Sean Connolly said the company is on track for its profit plan for the year, despite the declines. "We continue to experience ongoing inflationary pressure, but expect the sustained elevated consumer demand and the comprehensive actions we have executed and expect to execute in the future, will enable us to successfully deliver our adjusted EPS guidance for the year," he said. For fiscal 2022, Conagra is guiding for organic net sales growth of about 1%, up from previous guidance of flat sales, and adjusted EPS of $2.50. The FactSet consensus is for sales of $11.024 billion, implying a 1.4% decline, and EPS of $2.46. Conagra shares rose 1.7% in Thursday premarket trading, but are down nearly 5% for the year to date. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.84% has gained 16.2% for 2021 so far.

$ 31.37
+0.39 +1.26%
Volume: 3.12M
Dec. 3, 2021 4:02p
P/E Ratio
Dividend Yield
Market Cap
$15.05 billion
Rev. per Employee
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p

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