The company posted a two-fold increase in its earnings, which rose to $362.8 million or $0.90 per share from $179.7 million or $0.41 per share during the prior year period. This increase was mainly due to the $236.7 million benefit related to the recent U.S. tax reforms.
ConAgra lifted its 2018 outlook as it offset higher commodities and shipping costs by reducing expenses and discount offers. The company now expects adjusted EPS to be in the range of $2.03 to $2.05 compared to the prior outlook of $1.84 to $1.89 per share.
While the U.S. market was bleeding in red today because of the trade war, shares of ConAgra opened with a 2% jump from yesterday’s close. When the market closed today, ConAgra was slightly up by 0.31% at $35.45, as the market weakness dragged almost all the companies.