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Conagra Brands Trades Higher On Q1 Print; Food Company Reaffirms Guidance

Conagra Brands Trades Higher On Q1 Print; Food Company Reaffirms Guidance

Conagra Brands Inc (NYSE: CAG) reported first-quarter earnings of 43 cents per share on Thursday, beating the consensus estimate of 39 cents.

The company reported quarterly sales of $2.391 billion, missing the consensus estimate of $2.48 billion by 3.59%. 

Conagra Brands said it is reaffirming its fiscal 2020 guidance with the expectation of stronger growth in the second half of the fiscal year.

"After one quarter, fiscal 2020 is on track with our plan as we execute against each of the priorities we outlined previously: maintaining the momentum on Legacy Conagra, applying our value-over-volume playbook to Pinnacle and delivering against our integration, synergy and deleveraging commitments,” CEO Sean Connolly said in a statement. 

"Our expectation for fiscal 2020 is that the investments we are making in the first half of the year, in particular the second quarter, will result in strong second-half performance, with the impacts of new innovation in the frozen and snacks businesses, smart promotional support in key grocery brands, the continued implementation of our Pinnacle improvement plan and the impact of synergy capture all greatest in the third and fourth quarters.” 

Conagra Brands shares were trading up 5.72% at $31.61 in Thursday’s pre-market session. The stock has a 52-week high of $37.60 and a 52-week low of $20.22.

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