Conagra earnings for the company’s fiscal fourth quarter of 2019 is hitting CAG stock hard on Thursday.
Conagra (NYSE:CAG) reported earnings per share of 36 cents for its fiscal fourth quarter of the year. This is a major drop from the company’s earnings per share of 50 cents from the same period of the year prior. It was also a blow to CAG stock by missing Wall Street’s earnings per share estimate of 41 cents for the quarter.
The Conagra earnings report for its fiscal fourth quarter of 2019 also includes net income of $125.20 million. This is an increase over the company’s net income of $70.30 million reported in its fiscal fourth quarter of 2018.
Operating income reported in the Conagra earnings release for its fiscal fourth quarter of the year comes in at $187.80 million. That’s better than the food company’s operating income of $89.40 million reported during the same time last year.
Conagra earnings for the company’s fiscal fourth quarter of 2019 have it bringing in revenue of $2.61 billion. This is up from the company’s revenue of $1.97 billion reported in its fiscal fourth quarter of the previous year. However, it fails to meet analyst’s revenue estimate of $2.66 billion for the period.
The most recent Conagra earnings report also includes an update to its fiscal 2020 outlook. The company is now expecting earnings per share for the fiscal year to range from $2.08 to $2.18. Wall Street is looking for earnings per share of $2.16 for the fiscal year.
CAG stock was down 11% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2019/06/conagra-earnings-hit-cag-stock/.
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