logo
  

Conagra Brands Reaffirms FY23 Outlook - Update

While reporting financial results for the first quarter on Thursday, branded food company Conagra Brands, Inc. (CAG) reaffirmed its adjusted earnings and organic net sales growth guidance for the full-year 2023.

For fiscal 2023, the company continues to project adjusted earnings growth of 1 to 5 percent, implying it in a range of $2.38 to $2.40 per share based on adjusted earnings of $2.49 per share reported for 2022. Organic net sales growth is also still expected to be 4 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.42 per share on revenue growth of 4.6 percent to $12.06 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter of fiscal 2023, the Company has planned for continued supply chain inefficiency tied to the dynamic operating environment and some incremental volume weakness tied to the new inflation-driven pricing that went into effect early in the quarter.

Despite a strong early performance from its joint venture, Ardent Mills, the Company is not planning for elevated performance to continue throughout the remainder of the fiscal year due to the volatile nature of the business.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
Follow RTT