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Food maker Conagra got hit by fast-rising inflation, just like its peers. The company passed its rising costs on to customers, which decreased volume.
CHICAGO , Jan. 30, 2024 /PRNewswire/ -- Conagra Brands, Inc. (NYSE: CAG) will present at the 2024 CAGNY (Consumer Analyst Group of New York) Conference on Tuesday, Feb. 20, at 9 a.m. ET. Sean Connolly, president and chief executive officer of Conagra Brands, Tom McGough, executive vice president and co-chief operating officer, Ale Eboli, executive vice president and chief supply chain officer, and Dave Marberger, executive vice president and chief financial officer, will present information on Conagra Brands' business strategies and financial outlook.
Foodmaker Conagra has been talking about the headwinds the food industry faces. The company has purposefully limited its advertising investment.
Why I Believe Conagra Likely To Outperform
Conagra Brands, Inc.'s latest quarterly results were mixed, with revenue slightly below expectations. The company lowered its guidance due to slower volume recovery, resulting in a decline in net sales and operating margins. Despite the weaker results, Conagra Brands remains a value-oriented company with a solid dividend and potential for future growth.
Conagra (CAG) witnesses soft volumes due to the slowdown in overall consumption. Additionally, the company has been grappling with cost inflation.
At this point, investors are back to looking for inflation-proof stocks to shield their portfolios. After closing 2023 on a bullish note, as an early Santa Claus rally sent markets back to all-time highs, we're entering 2024 on a muted note.
Conagra Brands, Inc. (CAG) Q2 2024 Earnings Call Transcript
Conagra's (CAG) second-quarter results reflect soft volumes stemming from the overall slowdown in consumption. Management lowers the overall guidance for fiscal 2024.
The headline numbers for Conagra Brands (CAG) give insight into how the company performed in the quarter ended November 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.