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00:02Conagro Brands narrowed its full-year outlook after reporting mixed fiscal third-quarter
00:07results, according to the Wall Street Journal. The snack maker reported profit of $199.8 million,
00:13or $0.42 per share, for the quarter ended February 22, up from $145.1 million,
00:21or $0.30 per share, a year earlier. Adjusted earnings were $0.39 per share,
00:27missing estimates of $0.40, while sales fell 1.9% to $2.79 billion,
00:34slightly above expectations of $2.76 billion. Organic sales rose 2.4%,
00:40and CEO Sean Connolly said he was pleased with the return to growth.
00:45Grocery and snack sales declined 6.3%, while refrigerated and frozen sales rose 1.6%.
00:52The company narrowed its full-year outlook and now expects organic sales near the midpoint
00:57of its prior range of down 1% to up 1%. It forecast adjusted earnings of about $1.70
01:03per share at the low end of its previous range. For all things money, visit Benzinga.com.
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