Conagra Brands Inc. (NYSE: CAG) reported its financial results for the fiscal third quarter on Thursday that beat Wall Street estimates.
Conagra Brands shares were trading at £27.12 in premarket trading on Thursday. In comparison, the stock had started the year 2021 at a lower £25.75 per share. The price action should come in handy if you are interested in investing in the stock market.
Conagra Brands’ Q3 financial results versus analysts’ estimates
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Conagra Brands said that its net income in the quarter that concluded on 28th February printed at £204.71 million that translates to 42.19 pence per share. In the comparable quarter of last year, its net income was capped at a lower £148.70 million, or 30.55 pence per share.
Adjusted for one-time items, the packaged food company earned 42.92 pence per share. Conagra generated £2.02 billion of sales in Q3 that represent an 8.5% annualised growth. In the prior quarter (Q2), Conagra’s net income had jumped to £280 million.
According to FactSet, experts had forecast the company to report £1.98 billion of sales in the recent quarter. Their estimate for adjusted per-share earnings stood at a marginally lower 42.19 pence per share.
The owner of prominent brands like Slim Jim and Healthy Choice now expects up to 40.01 pence per share of adjusted earnings in the fiscal fourth quarter. In comparison, FactSet Consensus for Conagra’s Q4 adjusted EPS is capped at 37.10 pence per share.
In separate news from the United States, cloud services provider Box Inc secured £363.74 million investment led by the private equity group, KKR & Co Inc.
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Other prominent figures in Conagra Brands’ earnings report
Other notable figures in Conagra Brands’ earnings report on Thursday include £870 million of refrigerated and frozen products sales (11.7% higher than last year) and £820 million of grocery and snacks sales (10.8% higher than last year). In comparison, analysts had called for £840 million and £810 million of sales from these two segments, respectively.
Foodservice sales, as per the Chicago-based company, dropped 17.2% in the third quarter to £141.13 million due to the COVID-19 disruptions, but still topped FactSet Consensus of £136.91 million.
Conagra Brands performed slightly upbeat in the stock market last year with an annual gain of a little under 10%. At the time of writing, it is valued at £13.23 billion and has a price to earnings ratio of 16.38.