5 Companies in Focus After Posting Their Financial Results

4. Conagra Brands, Inc. (NYSE:CAG)

Number of Hedge Fund Holders: 25

Conagra Brands, Inc. (NYSE:CAG) recently came into the spotlight after announcing its fiscal third-quarter results. The Chicago-based processed and packaged food retailer earned 58 cents per share, matching the consensus estimate.

In addition, Conagra Brands, Inc. (NYSE:CAG) generated revenue of $2.91 billion, up 5.1 percent versus last year and above expectations of $2.84 billion. If we look at its segment-wise sales performance, revenue from the grocery & snacks segment increased 6.2 percent to $1.2 billion, while the refrigerated & frozen segment’s revenue inched up 2.9 percent to $1.2 billion in the quarter. In comparison, its Foodservice segment’s revenue jumped 18.9 percent to $235 million.

On the downside, Conagra Brands, Inc. (NYSE:CAG) lowered the profit outlook for its fiscal 2022. The company now expects adjusted earnings of about $2.35 per share, compared to its earlier guidance of around $2.50 per share.

Discussing the results, CEO Sean Connolly said:

“We experienced higher-than-expected cost pressures as the third quarter progressed and expect those pressures to continue into the fourth quarter, particularly in certain frozen, refrigerated, and snacks businesses. In response, we have taken steps to implement additional inflation-driven pricing actions. We will begin to see the benefits of these actions in the first quarter of fiscal 2023.”