Conagra (NYSE:CAG) earnings for the food company’s fiscal second quarter of 2020 have CAG stock soaring higher on Thursday. This comes from its adjusted EPS of 63 cents. That’s better than Wall Street’s estimate of 57 cents. Revenue of $2.82 billion also beats out analysts’ estimates of $2.80 billion.
Now for a closer look at the most recent Conagra earnings report.
- Adjusted per-share earnings are down 5.97% from 67 cents in fiscal Q2 2019.
- Revenue is sitting 18.49% higher than the $2.38 billion from the same time last year.
- Operating income of $261.50 million is a 94.71% increase YoY from $134.30 million.
- The Conagra earnings report also has net income coming in at $261.50 million.
- This is a 97.51% improvement over the company’s net income of $132.40 million from the same period of the year prior.
Sean Connolly, President and CEO of Conagra, says this about the CAG stock earnings.
“Our second quarter results reflect solid execution in applying the Conagra Way playbook across our portfolio. We maintained our strong momentum in frozen and snacks. We also made good progress on our large grocery brands, Hunt’s and Chef Boyardee, both of which made sequential improvements.”
The Conagra earnings report also includes a guidance update for fiscal 2020. This has it expecting adjusted earnings per share to range from $2.07 to $2.17. The previous outlook range was $2.08 to $2.18. Wall Street is looking for the company to report adjusted EPS of $2.09 for the fiscal year.
CAG stock was up 17.56% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.