Why Is Packaged Goods Company ConAgra Brands Stock Shooting Higher Today?
Portfolio Pulse from Shivani Kumaresan
ConAgra Brands Inc (NYSE:CAG) reported a slight decline in Q3 FY24 sales but beat analyst expectations with $3.03 billion in revenue and an adjusted EPS of $0.69. Despite a 2% decrease in organic net sales, the company saw growth in its Grocery & Snacks segment and improved margins. ConAgra reaffirmed its FY24 outlook, expecting a slight decrease in organic net sales and an adjusted EPS between $2.60 and $2.65. Shares rose 4.92% in premarket trading.
April 04, 2024 | 1:01 pm
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ConAgra Brands Inc reported better-than-expected Q3 FY24 results, with a slight sales decline but higher adjusted EPS and improved margins. The company's positive outlook and share price increase indicate strong performance.
ConAgra's earnings beat, coupled with an improved margin outlook and reaffirmed FY24 guidance, suggests a positive short-term impact on its stock. The premarket share price increase of 4.92% reflects investor optimism following the earnings report.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100