What to Watch For in Conagra Brands Earnings
Conagra Brands is scheduled to release its fiscal second-quarter financial results before the markets open on Thursday.
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Conagra Brands Inc. (NYSE: CAG) is scheduled to release its fiscal second-quarter financial results before the markets open on Thursday. The Thomson Reuters consensus estimates are $0.55 in earnings per share (EPS) and $2.41 billion in revenue. In the same period of last year, the company said it had $0.55 in EPS and $2.17 billion in revenue.
In the prior quarter, Conagra said that it expected to see EPS in the range of $0.57 to $0.60, with net sales flat to slightly down, for the second quarter.
In the first quarter, net sales grew 1.7% and organic net sales, excluding the sale of the Trenton production facility, grew 1.2%, with growth in all four operating segments.
In terms of its segments, Conagra reported as follows:
- The Refrigerated & Frozen segment continued its momentum, with 3.2% net sales growth and organic net sales growth of 1.4%. The segment has delivered organic net sales growth for five consecutive quarters.
- Grocery & Snacks reported another quarter of organic net sales growth, led by the snacks businesses.
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Excluding Wednesday’s move, Conagra had underperformed the broad markets, with its stock down 24% in the past 52 weeks. In just the past six months, the stock was down 25%.
A few analysts weighed in on Conagra ahead of the report:
- Jefferies has a Buy rating with a $44 price target.
- Credit Suisse has a Hold rating and a $35 price target.
- Sanford Bernstein has an Underperform rating.
- Goldman Sachs has a Buy rating with a $42 target.
- UBS has a Buy rating with a $40 price target.
Shares of Conagra were last seen up about 4% at $29.63 on Wednesday, with a consensus analyst price target of $39.92. The stock has a 52-week trading range of $28.41 to $39.43.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
