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Tuesday, March 31, 2020

-=Conagra (CAG) reported earnings on Tue 31 March 20 (b/o)

  • Thu 3/26:  #7, 29, 75; vol. 5.7M;  $27.85  --> +5%

Conagra misses by $0.02, misses on revs; sees FY20 EPS and revs above high end of prior ranges
  • Reports Q3 (Feb) earnings of $0.47 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $0.49; revenues fell 5.6% year/year to $2.56 bln vs the $2.59 bln S&P Capital IQ Consensus.
  • The 1.7% decrease in organic net sales was driven by a 1.3% decline in volume and an unfavorable price/mix impact of 0.4%. Volume was below planned levels in the quarter as the Company's retail and foodservice businesses experienced broad-based category softness early in the quarter.
  • Co issues upside guidance for FY20, sees EPS of above higher end of $2.00-2.07, excluding non-recurring items, vs. $2.04 S&P Capital IQ Consensus; sees FY20 revs of +10.0-10.5% to $10.49-10.54 bln vs. $10.54 bln S&P Capital IQ Consensus.
  • Sean Connolly, president and chief executive officer of Conagra Brands, commented, "Through the third quarter, we remained squarely on-track to deliver on our fiscal 2020 operational objectives, and our third quarter results were in-line with our updated expectations." He continued, "In more recent weeks, the entire team at Conagra Brands has been focused on supporting our customers, consumers, employees, and communities in the face of the COVID-19 pandemic. While we are still early in our fourth quarter, we have seen significantly elevated demand for our retail products as consumers have started filling their pantries for more at-home eating."

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