Conagra Brands Trading Lower In Pre-market As Q1 Results Missed View

(RTTNews) - Shares of Conagra Brands, Inc. (CAG) were trading more than 3 percent lower in the pre-market trading on Wednesday to $31.70, after the consumer packaged goods food company reported first-quarter results below the Street view.

Excluding one-time items, the company posted earnings of $253 million, or $0.53 per share, nearly a 20 percent decrease year-on-year, that missed the analysts' average estimate of $0.59 per share.

Net income for the first quarter, however, increased to $467 million, or $0.97 per share from $320 million, or $0.67 per share in the prior year quarter driven primarily by an income tax benefit of $210.4 million.

Sales for the quarter declined 3.8 percent to $2.8 billion. The consensus estimate was for $2.84 billion. Organic sales decreased 3.5 percent.

Conagra Brands stock had closed at $31.63, down 3.33 percent on Tuesday. It has traded in the range of $25.16 - $33.24 in the last 1 year.