Conagra Brands Third Quarter Profit Ahead Of Expectations
Conagra Brands Inc has reported a better-than-expected profit for the third quarter, as it raised prices to offset transportation and commodity costs.
Excluding items, the company earned 51 cents per share in the quarter ended Feb. 24, beating Wall Street estimates of 49 cents, according to Refinitiv IBES data.
Selling, general, and administrative expenses fell 5.1% to $334 million in the quarter, the company said.
Net sales grew 35.7%, driven primarily by the Pinnacle Foods acquisition.
"Our Legacy Conagra business generated solid growth during the third quarter and delivered strong performance in our domestic retail segments," commented Sean Connolly, president and chief executive officer of Conagra Brands.
"We saw continued improvement in consumption trends and base sales velocity, and organic net sales grew nearly two percent during the quarter. Our brand building and innovation actions over the past several years have resulted in strong growth in our frozen and snacks portfolios, and we remain focused on applying this disciplined approach across our portfolio."