Conagra Brands Inc. (NYSE:CAG) shares moved lower Wednesday after the packaged food company reported mixed third-quarter results and issued a cautious outlook.
Revenue showed resilience, but margin pressures and a softer earnings forecast weighed on investor sentiment.
Quarterly Performance
Conagra reported adjusted earnings of 39 cents per share, missing the analyst consensus estimate of 40 cents. Sales totaled $2.79 billion, down 1.9% from a year earlier, but ahead of expectations of $2.76 billion.
Organic net sales rose 2.4%, driven by a 1.9% increase in price and mix, along with a 0.5% gain in volume.
The company …