Conagra (CAG) Q2 Earnings: What To Expect
Packaged foods company Conagra Brands (NYSE:CAG) will be announcing earnings results tomorrow before the bell. Here's what you need to know.
Last quarter Conagra reported revenues of $2.90 billion, flat year on year, missing analyst expectations by 1.7%. It was a mixed quarter for the company, with revenue missing analysts' expectations, driven by misses on volume growth and organic revenue growth. However, the company reaffirmed full year guidance previously given, signaling that despite the weaker quarter, the company is still on track to hit targets for the full year.
Is Conagra buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Conagra's revenue to decline 2.4% year on year to $3.23 billion, a further deceleration on the 8.3% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.68 per share.
The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing five downwards revisions over the last thirty days.The company missed Wall St's revenue estimates three times over the last two years.
Looking at Conagra's peers in the consumer staples segment, only General Mills has so far reported results, with revenues decreasing 1.6% year on year, missing analyst estimates by 4.1%. The stock was down 1% on the results.
Read our full analysis of General Mills's earnings results here.
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The author has no position in any of the stocks mentioned.
