Conagra Brands beats earnings, but revenue declines in key segments

From Nasdaq: 2024-07-14 07:00:00

Conagra Brands (NYSE: CAG) stock has only increased by 1.7% in 2024, underperforming the Consumer Staples sector. The company reported Q4 and full fiscal year 2024 financial results on June 11, 2024.

Conagra operates in four segments: Grocery & Snacks, Refrigerated & Frozen International, Foodservice, and International. Grocery & Snacks and Refrigerated & Frozen make up a significant portion of net sales.

Conagra beat earnings expectations but experienced a decline in revenue in key segments. Grocery & Snacks and Refrigerated & Frozen saw a decrease in revenue, with international being the only segment to see an increase.

The company announced a dividend of $1.40 per share, with the highest expected yield among large-cap food products firms globally. It provided guidance for the 2025 fiscal year, projecting a decline in organic net sales and adjusted operating margin.

Analysts lowered their price targets for Conagra after the release of the financial results, with an average upside of under 5%. Persistent inflation continues to impact consumer staples firms.



Read more at Nasdaq:: Conagra Brands Beats EPS, Yet Analysts Slash Price Targets