Conagra Cuts Full-Year Guidance Targets on Presidents Day
Packaged foods giant Conagra Brands (NYSE: CAG) updated its full-year guidance targets on Monday, lowering many targets due to weak sales in the fiscal third quarter.
The maker of staple food brands such as Hunt's, Chef Boyardee, and Orville Redenbacher's saw weak orders from restaurants in the holiday season, followed by soft retail results in January. Management had expected tough year-over-year comparisons in the third quarter, which closes its books on Feb. 23, but the difficulties in certain categories ran deeper than anticipated.
Full-year sales for the fiscal year 2020 are now seen rising by approximately 10% to $10.52 billion. Conagra's former guidance target had pointed to 12.7% growth, landing near $10.75 billion. The current analyst consensus calls for roughly $10.71 billion. Organic net sales should rise by roughly 0.3%, down from 1.3%.
Source Fool.com
