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Conagra Brands Now Expects To Exceed Prior 2020 Guidance

Conagra Brands Inc. (CAG) said it now expects to exceed prior full-year 2020 guidance for total-company sales and profit metrics, assuming the end-to-end supply chain continues to operate effectively.

For fiscal year 2020, the company now projects adjusted earnings from continuing operations to be above the high end of prior range of $2.00 to $2.07 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $2.05 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

The company now expects annual net sales growth, and organic net sales growth to be
above the high end of the previous estimations. Earlier, it expected net sales growth of 10.0% to 10.5%, and organic net sales of flat to 0.5% growth.

The company said it has seen significantly increased demand in its retail business, to-date in the fourth quarter.

The company has also started to see reduced demand for its foodservice products and expects a 50-60% decline in Foodservice organic net sales in the fourth quarter. The company's supply chain has effectively serviced demand to-date.

The impact that the COVID-19 pandemic will have on the Company's fiscal 2020 consolidated results of operations is uncertain. The dynamic nature of the current situation makes it challenging for management to estimate future performance of the businesses, particularly over the near term, the company said in a statement.

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