Conagra Brands Inc Up 0.44% To $33.12 After Earnings Beat

Conagra Brands Inc (CAG) surpassed earnings projections on 7/13/2023 for Q4 2023.

Analyst expectations for Conagra Brands Inc earnings per share (EPS) were at $0.59, with the company surpassing those estimates with a reported EPS of $0.62, leading to a positive surprise of $0.03 per share (5%). Conagra Brands Inc's earnings were down 5% year-over-year as the firm reported an EPS of $0.65 in its year-ago quarter. The negative annual growth shows the Consumer Defensive company is struggling to find form amid recent economic conditions.

Revenues were downbeat at $3 billion. That is an increase of 2.16% in revenues from the year-ago report and is 0.57% lower than consensus estimates set at $3 billion.

The stock is up 0.44% to $33.12 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 42. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Conagra Brands is a packaged food company that operates predominantly in the United States (over 90% of revenue and profits). It has a significant presence in the freezer aisle, with brands such as Marie Callender's, Healthy Choice, Banquet, and Birds Eye. Other popular brands include Duncan Hines, Hunt's, Slim Jim, Vlasic, Orville Redenbacher's, Reddi-Wip, Wish-Bone and Chef Boyardee. While the majority of revenue is sold into the U.S. retail channel, 7% of fiscal 2021 sales were to the food-service channel, down from 11% in fiscal 2019 due to the pandemic.