Conagra beats sales estimates, sticks with full-year guidance
Conagra Brands Inc. (CAG) said Thursday it had net income of $152.5 million, or 36 cents a share, in its fiscal first quarter to Aug. 27, down from $186.2 million, or 22 cents a share, in the year-earlier period. Adjusted per-share earnings came to 39 cents, just below the FactSet consensus of 40 cents. Sales fell to $1.804 billion from $1.895 billion, ahead of the FactSet consensus of $1.786 billion. The owner of food brands, including Marie Callender's, Reddi-Wip, Hunt's, Healthy Choice and Slim Jim, said it still expects fiscal 2018 sales to be down 2% to flat. Adjusted EPS is expected to range from $1.84 to $1.89, wrapping around the FactSet consensus of $1.86. Shares were not yet active premarket, but have fallen 16% in 2017, while the S&P 500 has gained 12%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
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