Packaged foods company Conagra Brands (NYSE:CAG) will be reporting results tomorrow before market hours. Here’s what investors should know.
Conagra missed analysts’ revenue expectations by 1.6% last quarter, reporting revenues of $2.79 billion, down 3.8% year on year. It was a softer quarter for the company, with a significant miss of analysts’ EBITDA and EPS estimates.
Is Conagra a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Conagra’s revenue to decline 1.9% year on year to $3.15 billion, improving from the 3.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.67 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Conagra has missed Wall Street’s revenue estimates five times over the last two years.
With Conagra being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for consumer staples stocks. However, there has been positive investor sentiment in the segment, with share prices up 2.5% on average over the last month. Conagra is up 5.7% during the same time and is heading into earnings with an average analyst price target of $30.67 (compared to the current share price of $28).
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