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Earnings per share (EPS) of $0.66 topped analyst expectations of $0.60. However, the company’s revenue for the quarter was $2.9 billion, falling short of the consensus estimate of $2.96B.
CAG shares fell 0.3% in pre-market Thursday.
Grocery & Snacks net sales amounted to $1.20B, representing a modest increase of 1.2% compared to the same period the previous year. However, this figure fell slightly short of the estimated $1.21B. On the other hand, Refrigerated & Frozen net sales reached $1.15B, which marked a decrease of 4.6% year-on-year. This figure also fell short of the estimated $1.22B.
In terms of guidance, ConAgra Foods anticipates full-year 2024 EPS in the range of $2.70 to $2.75, slightly above the analyst consensus of $2.71.
“We will continue to focus on executing our Conagra Way playbook as we make targeted and disciplined investments throughout the remainder of the year to drive the top-line. We are reaffirming our guidance for fiscal 2024, reflecting confidence in our plans, people and agility as we continue to navigate a shifting consumer environment,” Sean Connolly, president and chief executive officer of Conagra Brands, commented.
For the second quarter, the company anticipates a low-single-digit decline in organic net sales. This decline is expected to be mitigated as volume declines improve due to the pricing actions implemented in fiscal 2023 in response to inflationary pressures.
Looking ahead to the back half of the fiscal year, ConAgra Foods projects low-single-digit organic net sales growth. This growth will be primarily driven by year-over-year volume expansion.
