Conagra Brands earnings for the company’s fiscal third quarter of 2019 have CAG stock soaring on Thursday.
Conagra Brands (NYSE:CAG) reported earnings per share of 51 cents for its fiscal third quarter of the year. This is a drop from the company’s earnings per share of 61 cents from the same period of the year prior. However, it was still good news for CAG stock by beating out Wall Street’s earnings per share estimate of 49 cents for the quarter.
Net income reported in the Conagra Brands earnings release for its fiscal third quarter of 2019 comes in at $242.60 million. This is down from the company’s net income of $362.80 million reported in its fiscal third quarter of 2018.
Conagra Brands earnings for its fiscal third quarter of the year also includes operating income of $242.60 million. The American food company reported operating income of $349.20 million during the same time last year.
The Conagra Brands earnings report for its fiscal third quarter of 2019 also has revenue coming in at $2.71 billion. This is an increase over the company’s revenue of $2.00 billion reported in its fiscal third quarter of the previous year. However, this does have it missing analysts’ revenue estimate of $2.75 billion for the period, but that wasn’t keeping CAG stock down today.
Conagra Brands also notes that it completed the sale of the Wesson oil business. As such, it is updating its outlook to remove the business from it. This still has it expecting earnings per share between $2.03 and $2.08 for the year. Wall Street is estimating earnings per share of $2.05 for fiscal 2019.
CAG stock was up 11% as of noon Thursday and is up 7% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.