ConAgra Brands (CAG) Tops Q3 EPS by 12c, Offers Outlook

ConAgra Brands (NYSE: CAG) reported Q3 EPS of $0.76, $0.12 better than the analyst estimate of $0.64. Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $3.09 billion.

Outlook
The company is raising its full year fiscal 2023 adjusted EPS outlook and narrowing its guidance ranges on organic net sales growth and adjusted operating margin in response to year-to-date trends.

The company's updated fiscal 2023 guidance is as follows:

• Organic net sales growth is expected to be 7% to 7.5% compared to fiscal 2022
• Adjusted operating margin is expected to be between 15.5% and 15.6%
• Adjusted EPS is expected to be between $2.70 and $2.75, representing growth of 14% to 17% compared to fiscal 2022
• Net Leverage Ratio of approximately 3.65x
• Capital expenditures of approximately $370M
• Interest expense of approximately $410M
• Adjusted effective tax rate of approximately 24%
• Pension income of approximately $25M

The inability to predict the amount and timing of the impacts of foreign exchange, acquisitions, divestitures, and other items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. Please see the end of this release for more information.

For earnings history and earnings-related data on ConAgra Brands (CAG) click here.

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