Conagra (NYSE:CAG) earnings for the packaged food company’s fiscal fourth quarter of 2020 have CAG stock jumping higher on Tuesday. This is thanks to its adjusted earnings per share of 75 cents handily beating Wall Street’s estimate of 66 cents. Its revenue of $3.29 billion also blows past analysts’ estimates of $3.11 billion.
Let’s take a closer look at the most recent Conagra earnings report below.
- Adjusted per-share earnings are up 108% from 36 cents in the fiscal fourth quarter of 2019.
- Revenue comes in 25.8% above the $2.61 billion reported in the same period of the year prior.
- The Conagra earnings report also has it bringing in a net income of $201.3 million.
- That’s a 60.8% increase over the company’s net income of $125.2 million from the same time last year.
Sean Connolly, president and CEO of Conagra, said this about the earnings results: “Our business clearly benefited from increased at-home eating in the fourth quarter, as the elevated retail demand outweighed the reduced foodservice demand. In retail, many consumers tried our modernized products for the first time and then returned for more.”
Conagra also provides an outlook for fiscal Q1 2021 in the current earnings report. It expects adjusted EPS to range from 54 cents to 59 cents. That has the low end of the range matching Wall Street’s estimate for the quarter.
Conagra doesn’t provide an outlook for fiscal 2021 in its earnings due to the novel coronavirus. However, CEO Connolly says that it plans to release an outlook for the fiscal year in its next earnings report.
CAG stock was up 4.9% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/06/conagra-earnings-beats-send-cag-stock-higher/.
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