Conagra Reports 1.9% Q3 Sales Decline to $199.8M; Analysts Slash Price Targets
CAG is trading near its 52-week low of $15.035 (4.5% above the low).
Summary
Conagra Brands reported a 1.9% year-over-year decline in fiscal third-quarter sales, reaching $199.8 million, with quarterly net income of $199.8 million and EPS of $0.42. The company also noted cost-trimming efforts and confirmed a net loss for the nine-month period due to impairments and divestitures. This update provides specific Q3 performance metrics, contrasting with earlier reports of organic net sales growth, and reinforces the weak annual profit guidance issued previously. The subsequent cuts to price targets by analysts from RBC, Wells Fargo, and Goldman Sachs underscore the market's negative reaction to the overall Q3 results and outlook. Traders will be watching for signs of a turnaround in sales performance and the impact of cost-cutting measures on future profitability.
At the time of this announcement, CAG was trading at $15.71 on NYSE in the Trade & Services sector, with a market capitalization of approximately $7.5B. The 52-week trading range was $15.04 to $27.68. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.