Conagra (CAG) To Report Earnings Tomorrow: Here Is What To Expect
Stock Story
Published Apr 03, 2024 03:00AM ET
Updated Apr 03, 2024 09:01AM ET
Conagra (CAG) To Report Earnings Tomorrow: Here Is What To Expect
Packaged foods company Conagra Brands (NYSE:CAG) will be announcing earnings results tomorrow before market open. Here's what you need to know.
Last quarter Conagra reported revenues of $3.21 billion, down 3.2% year on year, missing analyst expectations by 0.8%. It was a weak quarter for the company, with a miss of analysts' organic revenue growth estimates.
Is Conagra buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Conagra's revenue to decline 1.9% year on year to $3.03 billion, a deceleration on the 5.9% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.65 per share.
The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing three downward revisions over the last thirty days. The company missed Wall St's revenue estimates four times over the last two years.
Looking at Conagra's peers in the consumer staples segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. General Mills (NYSE:GIS)'s revenues decreased 0.5% year on year, beating analyst estimates by 2.7% and Cal-Maine reported revenue decline of 29.5% year on year, exceeding estimates by 1.5%. General Mills traded up 2.9% on the results, and Cal-Maine traded up 8.2% on the results.
Read the full analysis of General Mills's and Cal-Maine's results on StockStory.
Investors in the consumer staples segment have had steady hands going into the earnings, with the stocks up on average 1.6% over the last month. Conagra is up 7.3% during the same time, and is heading into the earnings with analyst price target of $30, compared to share price of $29.7.
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Written By: Stock Story
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