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Conagra Earnings: CAG Stock Dips Following Q1 Beats

Conagra (NYSE:CAG) earnings for the food company’s fiscal first quarter of 2021 saw CAG stock dip lower on Thursday. That’s despite its adjusted earnings per share of 70 cents beating out Wall Street’s estimate of 57 cents. Its revenue of $2.68 billion also comes in above analysts’ estimates of $2.61 billion.

Conagra (CAG) logo on a sign outside of a corporate campus

Source: Jonathan Weiss / Shutterstock.com

Here’s what else is worth mentioning from the most recent Conagra earnings report.

  • Adjusted per-share earnings are up 62.8% from 43 cents during the same time last year.
  • Revenue for the quarter comes in 12.1% higher than the $2.39 billion reported in fiscal Q1 2020.
  • The Conagra earnings report also has it bringing in a net income of $329.8 million.
  • That’s an 89.3% surge from the company’s net income of $174.3 million from the same period of the year prior.

Sean Connolly, president and CEO of Conagra, said the following in the earnings report.

“Fiscal 2021 is off to a strong start. Our first quarter results demonstrate that our business is healthy, our products are relevant, and our capabilities are strong. We exceeded our expectations on net sales, profitability, and de-leveraging, and continued to make investments to ensure the physical availability of our products, maintain momentum with consumers, and build brand health.”

Conagra includes guidance for fiscal Q2 2021 in its earnings report. It’s expecting adjusted EPS to range from 70 cents to 74 cents. For comparison, Wall Street is looking for adjusted EPS of 71 cents during the period.

CAG stock has been on a wild ride following the release of its earnings report. It started the day off up before falling hard in the morning and has been slowly recovering since then.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/conagra-earnings-move-cag-stock/.

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