Conagra Brands beats quarterly estimates, keeps annual outlook unchanged
Steady demand for pantry staples is supporting packaged food makers as cost-conscious households continue to eat more meals at home. Conagra Brands posts first-quarter profit and sales above Wall Street expectations and reaffirms its full-year sales and earnings forecasts.
Highlights
- Conagra Brands reports adjusted earnings per share of 41 cents for the quarter ended August 30, beating the 28 cent analyst estimate from LSEG.
- Net sales reach $2.60 billion for the quarter, exceeding the $2.59 billion expectation, and Conagra maintains its unchanged annual sales and profit guidance.
- Conagra shares rise about 2% in premarket trading as elevated living costs and economic uncertainty drive increased at-home meal preparation and support packaged food demand.
First-quarter results top forecasts
As reported by Reuters, Conagra says adjusted earnings per share for the quarter ended August 30 come in at 41 cents, above analysts' estimate of 28 cents based on data compiled by LSEG.Net sales total $2.60 billion in the quarter, slightly ahead of expectations of $2.59 billion. The maker of Hunt's ketchup also keeps its annual sales and profit guidance unchanged.
Shares rise about 2% in premarket trading after the results are released on Wednesday.
At-home meal demand supports packaged food
Consumers facing elevated living costs, higher oil prices and broader economic uncertainty continue to prepare more meals at home rather than dine out.That pattern is helping sustain demand for packaged food products, including pantry staples such as Slim Jim meat snacks, and offers support for companies such as Conagra in a cautious consumer environment.
In our earlier article on rising S&P 500 earnings estimates, we explained that the index can look cheaper on a forward P/E basis even when prices move sideways, because analysts keep lifting profit forecasts. We also noted that corporate profits have climbed to unusually high levels relative to the economy and may be supported by temporary factors that could fade, leaving valuations vulnerable if earnings assumptions prove too optimistic.
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