Food brands company beats profit expectations and reiterates full-year outlook
Shares of Conagra Brands Inc. fell toward a more than three-year low Thursday, after the food brands company reported a fiscal first-quarter profit that rose above expectations, while sales fell a bit short amid weakness in its refrigerated and frozen foods business.
Excluding nonrecurring items, adjusted earnings per share rose 15% to 66 cents, above the FactSet consensus of 60 cents. The stock initially jumped as much as 2.3% after the results were released, before reversing course to be down 1.1% in premarket trading. That put the stock to open around the lowest closing price seen since March 2020.
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