Conagra Brands Sees Q4 Profit In Line With View - Quick Facts

Conagra Brands Inc. (CAG) said it expects adjusted earnings per share for the fourth-quarter to be in the range of $0.49 to $0.55. Analysts polled by Thomson Reuters expect the company to report earnings of $0.51 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

The company projects organic net sales for the fourth-quarter decline in the range of 10% to 12%.

The company reaffirmed its fiscal 2022 guidance. It projects annual adjusted earnings per share to be between $2.63 and $2.73, organic net sales growth at a 3-year CAGR ending fiscal 2022 of 1 to 2 percent. Analysts expect annual earnings of $2.60 per share.

In the third-quarter, Conagra Brand's net sales increased 8.5% to $2.8 billion. Net sales for the Grocery & Snacks segment increased 10.8% to $1.1 billion in the quarter. Net sales for the Refrigerated & Frozen segment increased 11.7% to $1.2 billion in the quarter. Quarterly net sales for the International segment increased 9.0% to $241 million.

Net sales for the Foodservice segment decreased 17.2% to $194 million in the quarter.

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