Conagra Brands Inc (NYSE:CAG) shares are trading lower Thursday morning after the company reported financial results and issued guidance below estimates.
Conagra said fiscal third-quarter revenue increased 5.1% year-over-year to $2.91 billion, which beat the $2.84 billion estimate. The company reported quarterly earnings of 58 cents per share, which is in line with estimates.
Conagra said it expects organic net revenue growth to be around 7% next quarter. Fiscal fourth-quarter adjusted earnings are expected to be around 64 cents per share versus the estimate of 70 cents per share.
Conagra Brands is a packaged food company that operates predominantly in the United States.
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CAG 52-Week Range: $30.06 - $39.09
According to data from Benzinga Pro, the stock was down 2.3% at $33.55 at press time.
Photo: Mike Mozart from Flickr.
