Conagra Brands Boosts FY23 Outlook - Update

While reporting financial results for the second quarter on Thursday, branded food company Conagra Brands, Inc. (CAG) raised its adjusted earnings and organic net sales growth guidance for the full-year 2023, based on a strong performance in the first half of the fiscal year.

For fiscal 2023, the company now projects adjusted earnings in a range of $2.60 to $2.70 per share on organic net sales growth of 7 to 8 percent.

Previously, the company expected 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 was expected to be 4 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.47 per share on revenue growth of 6.0 percent to $12.23 billion for the year. Analysts' estimates typically exclude special items.

The Company said it continues to plan for supply chain inefficiencies tied to the dynamic operating environment and also expects both gross inflation (input cost inflation before the impacts of hedging and other sourcing benefits) and results from its Ardent Mills joint venture to moderate through the remainder of the fiscal year.

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