WASHINGTON (dpa-AFX) - While reporting financial results for the second quarter on Thursday, Conagra Brands, Inc. (CAG) provided its adjusted earnings and organic net sales growth guidance for the third quarter. The company also reaffirmed its fiscal 2022 guidance.
The company is still not initiating annual outlook, as is usual, as the impact of the COVID-19 pandemic on its full year fiscal 2021 consolidated results remains uncertain.
The Company continues to expect demand in retail channels to remain elevated and demand in foodservice channels to remain challenged versus historical norms. However, the degree and timing of changes in retail and foodservice demand levels are difficult to predict with enough certainty to provide a full-year outlook at this time.
For the third quarter, the company expects adjusted earnings in a range of $0.56 to $0.60 per share and organic net sales growth of 6 to 8 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.56 per share on revenue growth of 4.6 percent to $2.67 billion for the quarter. Analysts' estimates typically exclude special items.
The company said it continues to see a sustained increase in demand in its retail segments and also continues to see reduced demand in its Foodservice segment when compared to pre-COVID-19 demand levels. COVID-19-related costs have also continued to impact the business.
Looking ahead to fiscal 2022, the company continues to project adjusted earnings in the range of $2.66 to $2.76 per share and organic net sales growth at a 3-year CAGR ending fiscal 2022 of 1 to 2 percent.
The Street is currently looking for earnings of $2.59 per share on a revenue decline of growth of 1.9 percent to $20.71 billion for the year.
The Company's fiscal 2022 guidance does not yet include the impact of the pending sale of the Peter Pan peanut butter business.
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