Conagra Brands Guides FY23 Adj. EPS Below Estimates - Update

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, branded food company Conagra Brands, Inc. (CAG) initiated its adjusted earnings and organic net sales growth guidance for the full-year 2023.

For fiscal 2023, the company now projects adjusted earnings to grow 1 to 5 percent, implying it in a range of $2.38 to $2.40 per share based on adjusted earnings of $2.49 per share reported for 2022. Organic net sales growth is expected to be 4 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.54 per share on revenue growth of 2.9 percent to $11.88 billion for the year. Analysts' estimates typically exclude special items.

The Company said it expects cost of goods sold inflation to continue into fiscal 2023 and has communicated additional pricing increases that will take effect in the second quarter of the year.

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