Conagra Brands (CAG) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended November 2023, Conagra Brands (CAG) reported revenue of $3.21 billion, down 3.2% over the same period last year. EPS came in at $0.71, compared to $0.81 in the year-ago quarter.
The reported revenue represents a surprise of -0.98% over the Zacks Consensus Estimate of $3.24 billion. With the consensus EPS estimate being $0.67, the EPS surprise was +5.97%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Conagra Brands performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net sales growth - Total Sales: -3.2% compared to the -2.3% average estimate based on five analysts.
Net sales growth - International: 8.1% versus the four-analyst average estimate of 3.1%.
Net sales growth - Foodservice: 4.3% compared to the 2.2% average estimate based on four analysts.
Net sales growth - Grocery & Snacks: -4.1% versus -0.6% estimated by four analysts on average.
Net sales growth - Refrigerated & Frozen: -5.8% versus the four-analyst average estimate of -5.3%.
Price/Mix - Foodservice: 6.8% versus 5.1% estimated by four analysts on average.
Volume (Organic) - Foodservice: -2.5% compared to the -2.9% average estimate based on four analysts.
Price/Mix - International: 2.3% versus the four-analyst average estimate of 1.7%.
Sales- Grocery & Snacks: $1.30 billion compared to the $1.34 billion average estimate based on four analysts. The reported number represents a change of -4.1% year over year.
Sales- Foodservice: $294.90 million versus the four-analyst average estimate of $288.98 million. The reported number represents a year-over-year change of +4.3%.
Sales- International: $279.60 million compared to the $266.70 million average estimate based on four analysts. The reported number represents a change of +8.1% year over year.
Sales- Refrigerated & Frozen: $1.34 billion compared to the $1.35 billion average estimate based on four analysts. The reported number represents a change of -5.8% year over year.
View all Key Company Metrics for Conagra Brands here>>>
Shares of Conagra Brands have returned -0.4% over the past month versus the Zacks S&P 500 composite's +2.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Conagra Brands (CAG) : Free Stock Analysis Report
