CAG - Why Conagra Stock Is Falling Today
2024-07-11 14:50:57 ET
Packaged-foods company Conagra Brands (NYSE: CAG) had a mixed quarter and provided disappointing guidance for its new fiscal year. Investors reacted by sending shares of Conagra down as much as 5%, before they rallied to be down only 2% as of 1:30 p.m. ET on Thursday.
Conagra -- whose brands include Birds Eye, Duncan Hines, Healthy Choice, Slim Jim, and Reddi-wip -- reported adjusted earnings of $0.61 per share in its fiscal fourth quarter (ending May 26), beating Wall Street's $0.57 consensus estimate. But revenue, at $2.91 billion, was a little light compared to the $2.93 billion estimate, and Conagra sees fiscal 2025 falling short of expectations.
The company said it sees fiscal 2025 earnings between $2.60 and $2.65 per share, short of the $2.69 estimate, on organic sales that are likely to be down 1.5% to merely flat.
For further details see:
Why Conagra Stock Is Falling Today