Shares of Conagra Brands (CAG) moved lower in premarket trading Thursday after the snack giant reported worse-than-expected fiscal 2025 third-quarter results.
The Slim Jim and Duncan Hines parent reported adjusted earnings per share (EPS) of $0.51 on net sales of $2.84 billion, down from $0.69 and $3.03 billion, respectively, a year ago. Analysts polled by Visible Alpha had expected $0.53 and $2.90 billion.
Conagra’s grocery and snacks unit sales fell by 3.2% year-over-year, while those of refrigerated and frozen foods fell by 7.2%, with lower prices and volume in both segments.
“While shipments lagged consumption largely due to the discrete supply constraints we announced in February, we are making solid progress in restoring inventory and improving customer service levels,” CEO Sean Connolly said. “We continue to monitor the dynamic external environment while remaining focused on execution, and our fiscal 2025 guidance remains unchanged at this time.”
Conagra shares were down 2% immediately following Thursday’s report. They entered the day down 10% over the last 12 months.
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