Conagra (NYSE:CAG) earnings for fiscal third quarter of 2020 have CAG stock up on Tuesday. This is despite it reporting adjusted earnings per share (EPS) of 47 cents, which is below Wall Street’s estimate of 49 cents. The food company’s revenue of $2.56 billion also couldn’t match analysts’ estimates of $2.58 billion.
Now, let’s take a closer look at the most recent Conagra earnings report.
- Adjusted per-share earnings are down 7.84% from 51 cents during the same time last year.
- Revenue for the quarter comes in 5.54% lower than the $2.71 billion reported in the fiscal third quarter of 2019.
- The Conagra earnings report also includes a net income of $204.7 million.
- That’s a 15.62% drop from the company’s net income of $242.6 million reported in the same period of the year prior.
Sean Connolly, president and CEO of Conagra, said this about the CAG stock earnings report:
“In more recent weeks, the entire team at Conagra Brands has been focused on supporting our customers, consumers, employees, and communities in the face of the COVID-19 pandemic. While we are still early in our fourth quarter, we have seen significantly elevated demand for our retail products as consumers have started filling their pantries for more at-home eating.”
The Conagra earnings report also includes an update to its fiscal 2020 guidance. This has the company expecting adjusted EPS to come in above its previous high-end estimate of $2.07. Wall Street is looking for adjusted EPS of $2.05 for the fiscal year.
CAG stock was up 2.02% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
