[ad_1]
The stock price of Conagra Brands Inc. The stock has gained 13% over the past 12 months. The processed foods company is scheduled to report its second quarter 2023 earnings results on Thursday, January 5th. Here’s what to expect:
sales
Analysts expect Conagra to report sales of $3.3 billion for the second quarter of 2023. This compares to $3.1 billion reported in the same period a year ago. For the first quarter of 2023, Conagra generated net sales of $2.9 billion, representing year-over-year growth of 9.5%.
earnings
The Street is projecting $0.66 earnings per share for Conagra in Q2 2023, up from the $0.64 reported in the year-ago quarter. In Q1 2023, the company reported adjusted EPS of $0.57, which was up 14% YoY.
Segments and trends
For the first quarter of 2023, Conagra recorded sales growth in all segments, except International. Sales in the International segment were negatively impacted by foreign exchange. The corporate segment benefited from price increases introduced to offset the impact of inflation but volumes fell across all divisions mainly due to the impact of elasticity from price action.
Conagra is benefiting from the trend of consumers eating more homemade food, which started during the pandemic and continues in an inflationary environment. The preference for quick and easy-to-prepare meals has driven demand for the company’s products in the frozen and staples category. In Q1, Conagra saw double-digit growth in frozen single-serve meals as well as single-serve dinners/entrées in staples.
Conagra expects supply chain headwinds to continue through the second quarter of 2023 as the operating environment remains challenging. It also expects volumes to be affected by additional price increases introduced earlier in Q2 to offset inflation. The company expects gross inflation to continue but moderate through the remainder of FY2023.
Click here to read the full transcript of the Conagra Brands Q1 2023 earnings conference call
[ad_2]
Source link