Conagra beats first-quarter profit and sales estimates, reaffirms outlook

  • Conagra Brands beat first-quarter profit and sales estimates.
  • Adjusted earnings reached 41 cents per share, versus analysts’ 28-cent estimate.
  • Conagra reaffirmed its annual sales and profit forecasts after the quarter ended August 30.

Conagra Brands exceeded Wall Street expectations for first-quarter adjusted earnings and sales, supported by resilient demand for pantry staples such as Slim Jim meat snacks. Adjusted earnings per share came to 41 cents, versus analysts’ estimate of 28 cents, while net sales reached $2.60 billion, slightly above the $2.59 billion forecast. Shares of the Hunt’s ketchup-maker rose 2% in premarket trading. Consumers facing elevated living costs, soaring oil prices and economic uncertainty continued preparing meals at home rather than dining out, supporting packaged-food demand. Conagra reaffirmed its annual sales and profit forecasts.

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