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Conagra's stock tumbles after earnings miss, downbeat outlook

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Shares of Conagra Brands Inc. |phrase background-info='BRIEFING-BOOK' name='cag' significance='MWLEGACY' type='COMPANY' vrtysux='COMPANY|cag'||/phrase| tumbled 8.8% in premarket trade Thursday, on track to open at the lowest level since November, after the branded food company missed fiscal first-quarter earnings and sales expectations, as the company cited a "challenging inflationary environment," and provided a downbeat profit outlook. The company, which brands include Hunt's, Healthy Choice and Orville Redenbacher's, reported net income for the quarter to Aug. 26 of $178.2 million, or 45 cents a share, up from $152.5 million, or 36 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 47 cents, below the FactSet consensus of 49 cents. Sales rose 1.7% to $1.83 billion, missing the FactSet consensus of $1.85 billion. Grocery and snacks sales rose 3.4% to $771 million, below the FactSet consensus of $782 million, and refrigerated and frozen sales increased 3.2% to $635 million, but missed expectations of $637 million. For the fiscal second quarter, Conagra expects adjusted EPS of 57 cents to 60 cents, below the FactSet consensus of 64 cents. The stock has edged up 1.7% over the past three months while the S&P 500 |phrase background-info='BRIEFING-BOOK' name='spx' significance='MWLEGACY' type='COMPANY' vrtysux='COMPANY|spx'||/phrase| has gained 7.6%.

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