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.

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