Conagra Brands Reaffirms FY22 Adj. PSE guidelines; Increases organic net sales forecast
(RTTNews) – Releasing its second quarter results on Thursday, Conagra Brands, Inc. (CAG) reiterated its guidance for adjusted earnings per share for fiscal 2022 and updated its guidance for organic net sales and profit margin. ‘adjusted operation. Adjusted EPS is expected to be around $ 2.50, with no change from previous forecast. Organic net sales growth is expected to be around 3% compared to previous guidance of around 1%. Adjusted operating margin is expected to be approximately 15.5% compared to previous guidance of approximately 16%.
Sean Connolly, CEO of Conagra Brands, said: “Looking ahead, we expect to continue to experience higher than initial cost pressures in the second half of fiscal 2022.”
Second quarter adjusted net income attributable to Conagra Brands decreased 22.8% to $ 306 million, or $ 0.64 per share. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings per share of $ 0.68 for the quarter. Analysts’ estimates generally exclude special items.
Net income attributable to Conagra Brands fell 27.3% to $ 275 million, or $ 0.57 per share.
Second quarter net sales increased 2.1% to $ 3.1 billion. Organic revenue increased 2.6%. The company said the increase in organic net sales was due to a 6.8% improvement in price / mix, which was partially offset by a 4.2% decrease in volume. Analysts had estimated an average of $ 3.02 billion in revenue.
Shares of Conagra Brands were down 2% in pre-market trading on Thursday.
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