Conagra (NYSE:CAG) earnings for the food company’s fiscal first quarter of 2020 has CAG stock heading higher on Thursday. The good news for CAG stock comes from adjusted earnings per share of 43 cents. This beats out Wall Street’s revenue estimate of 38 cents for the quarter. Revenue comes in at $2.39 billion, which is below analysts’ estimate of $2.48 billion.
Now let’s see what else is worth mentioning about the most recent Conagra earnings report.
- CAG saw its earnings per share increase 19.50% from 36 cents in its fiscal first quarter of 2019.
- Revenue for the period was up 30.60% from $1.83 billion reported during the same time last year.
- The company’s net income for the quarter comes in at $174.30 million.
- That’s a 2.20% drop from its net income of $178.20 million reported in the same period of the year prior.
- Conagra also notes that it decreased net debt by $148 million during the quarter, which puts it on track to reach its de-leveraging targets.
Sean Connolly, President and CEO of CAG, says this about the Conagra earnings.
“Our expectation for fiscal 2020 is that the investments we are making in the first half of the year, in particular the second quarter, will result in strong second half performance.”
Finishing up the Conagra earnings report, the company reaffirms its fiscal 2020 guidance. That includes adjusted earnings per share ranging from $2.08 to $2.18. This has the mid point of CAG’s expectations well above Wall Street’s per-share earnings estimate of $2.09 for the year.
CAG stock was up 4% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.