Conagra stock was down on Thursday following the release of its earnings report for its fiscal first quarter of 2019.
During its fiscal first quarter of the year, Conagra (NYSE:CAG) reported earnings per share of 47 cents. This is up from the company’s earnings per share of 46 cents reported in the same time last year. However, it was bad news for Conagra stock by coming in below Wall Street’s earnings per share estimate of 49 cents for the quarter.
Conagra’s earnings report for its fiscal first quarter of 2019 also include net income of $178.20 million. This is better than the company’s net income of $153.30 million that was reported in its fiscal first quarter of 2018.
Operating income reported by Conagra for its fiscal first quarter of the year came in at $219.40 million. The company’s operating income from the same period of the year prior was $243.60 million.
Conagra also reported revenue of $1.83 billion for its fiscal first quarter of 2019. This is an increase over the company’s revenue of $1.29 billion that was reported in its fiscal first quarter of the previous year. Unfortunately for Conagra stock, analysts were expecting the company to report revenue of $1.85 billion for the period.
Conagra stock also didn’t get any help today from the company’s guidance for its fiscal second quarter of 2019. CAG is expecting earnings per share for the quarter to range from 57 cents to 60 cents. This will have it missing Wall Street’s earnings per share estimate of 65 cents for the quarter.
CAG stock was down 7% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
