Conagra Brands Inc. (CAG) reported an increase in first-quarter profits compared to the same period last year, though the results did not meet Wall Street expectations.
The company's net income amounted to $466.8 million, or $0.97 per share, up from $319.7 million, or $0.67 per share, in the first quarter of the previous year.
Excluding special items, Conagra Brands Inc. posted adjusted earnings of $252.6 million or $0.53 per share for the period.
Analysts, on average, had projected the company to earn $0.59 per share, according to data compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Revenue for the quarter declined by 3.8% to $2.794 billion from $2.904 billion in the previous year.
Key Financial Results (GAAP):
- **Earnings (Q1):** $466.8 million vs. $319.7 million last year
- **EPS (Q1):** $0.97 vs. $0.67 last year
- **Revenue (Q1):** $2.794 billion vs. $2.904 billion last year
**Guidance:**
- Full-year EPS is projected to be between $2.60 and $2.65.
