Conagra Profit And Sales Match Analyst Expectations

By Tomi Kilgore Markets MarketWatch Pulse

Conagra Brands Inc. reported a fiscal fourth-quarter net profit that rose to $151.3 million, or 36 cents a share, from $117.6 million, or 27 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 37 cents, matching the FactSet consensus. Revenue for the company, which brands include Reddi-wip, Hunt's and Slim Jim, fell 9.3% to $1.86 billion from $2.05 billion, but matched the FactSet consensus of $1.86 billion, as a beat in grocery and snacks sales and in line refrigerated and frozen sales helped offset a miss in foodservice sales. The company expects fiscal 2018 adjusted EPS of $1.84 to $1.89, compared with the FactSet consensus of $1.88. "The aggressive actions we have taken to upgrade the quality of our revenue base, while focusing and modernizing our portfolio, have enabled us to improve our margins and jump-start innovation," said Chief Executive Sean Connolly. The stock, which was still inactive in premarket trade, has lost 5.5% year to date, while the S&P 500 has gained 9.0%.

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