5 Stocks in Focus After Releasing Their Financial Results

3. Conagra Brands, Inc. (NYSE:CAG)

Number of Hedge Fund Holders: 20

Shares of Conagra Brands, Inc. (NYSE:CAG) slipped nearly two percent on Thursday, January 6, 2022, after posting mixed financial results for its fiscal second quarter. The consumer-packaged goods company’s adjusted earnings fell 21 percent on a year-over-year basis to 64 cents per share, missing the consensus forecast of 68 cents per share.

Revenue came in at $3.059 billion, up from $2.995 billion in the year-ago quarter. Analysts were expecting Conagra Brands, Inc. (NYSE:CAG) to post revenue of $3.015 billion.

Looking forward, Conagra Brands, Inc. (NYSE:CAG) now expects sales growth of around 3 percent for its FY 2022 versus its earlier guidance of 1 percent growth. Moreover, it continues to expect adjusted earnings of about $2.50 per share for the full year, compared to expectations of $2.46 per share.

Speaking on the results, CEO of Conagra Brands, Inc. (NYSE:CAG), Sean Connolly, said:

“Looking ahead, we expect to continue experiencing cost pressures above original expectations in the second half of fiscal 2022. However, we believe the sustained elevated consumer demand coupled with the mitigating actions we have successfully executed, and will continue executing, put us on track to overcome these near-term challenges, improve margins in the back half of the fiscal year, and deliver on our profit plan.”