Conagra Brands Inc. (NYSE: CAG) reported its fiscal fourth-quarter financial results before the markets opened on Tuesday. The company said that it had $0.75 in earnings per share (EPS) and $3.3 billion in revenue, which compares with consensus estimates of $0.66 in EPS and revenue of $3.11 billion. The same period of last year reportedly had EPS of $0.36 on $2.61 billion in revenue.
Fourth-quarter net sales increased 25.8% and organic net sales increased 21.5%, with double-digit growth in each of the company’s three retail segments. This was supported by strong e-commerce growth, significant consumer trial and solid repeat sales, and the initial launches of its fiscal 2021 innovation slate.
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In terms of its segments, the company reported net sales as follows:
- Grocery & Snacks: up 44.1% to $1.5 billion
- Refrigerated & Frozen: up 23.3% to $1.4 billion
- International up 18.6% to $266 million.
- Foodservice: down 27.9% to $193 million.
Cash and cash equivalents totaled $553.3 million at the end of the quarter, up from $236.6 million at the end of the previous fiscal year.
Looking ahead to the fiscal first quarter, the company expects to see organic net sales growth in the range of 10% to 13%, and EPS in the range of $0.54 to $0.59. The consensus estimates call for $0.54 in EPS and $2.52 billion in revenue for the coming year.
Conagra Brands stock traded up more than 2% early Tuesday at $34.56, in a 52-week range of $22.83 to $35.59. The consensus price target is $35.43.
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