While reporting financial results for the second quarter on Thursday, branded food company Conagra Brands, Inc. (CAG) lowered its adjusted earnings and organic net sales growth guidance for the full-year 2024, to reflect year-to-date results, expectations for a slower volume recovery, and increased brand investments in the second half of the fiscal year.
For fiscal 2024, the company now projects adjusted earnings in a range of $2.60 to $2.65 per share on organic net sales decline of 1 to 2 percent.
Previously, the company expected adjusted earnings in the range of $2.70 to $2.75 per share on organic net sales growth of about 1 percent.
On average, 15 analysts polled by Thomson Reuters expect the company to report earnings of $2.67 per share on a revenue decline of 0.1 percent to $12.27 billion for the year. Analysts' estimates typically exclude special items.
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