Categories AlphaGraphs, Earnings, Retail

Conagra Brands (CAG) Q1 earnings beat estimates on higher revenues

Packaged Foods company Conagra Brands Inc. (NYSE: CAG) on Thursday said its first-quarter profit increased supported by a 10% revenue growth. Earnings also came in above the consensus forecast.

Conagra Brands Q1 2023 earnings infographic

At $2.90 billion, first-quarter net sales were up 9.5% year-over-year. Gross profit benefited from higher organic net sales and supply chain realized productivity which more than offset the negative impacts of cost of goods sold inflation of 15%, unfavorable operating leverage, and continued elevated supply chain operating costs.

First-quarter net income, adjusted for special items, moved up to $0.57 per share from $0.50 per share in the same period of last year and topped expectations. On an unadjusted basis, meanwhile, the company reported a net loss of $77.5 million or $0.16 per share, compared to a profit of $235.4 million or $0.49 per share in the prior-year quarter.

Check this space to read management/analysts’ comments on Conagra Brands Q1 2023 earnings

“The strength of our brands and continued execution of the Conagra Way playbook resulted in strong sales and adjusted operating profit during the first quarter. We continued to deliver improved service and productivity as we navigate ongoing inflationary pressures and industry-wide supply chain challenges,” said Sean Connolly, chief executive officer of Conagra Brands.

Prior Performance

  • Conagra Brands reports Q3 2022 earnings results
  • Conagra Brands Q2 2021
  • Conagra Brands (CAG) Q1 2021 Earnings Infograph

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