Conagra reported fiscal fourth-quarter earnings that fell short of analysts’ expectations.
The packaged foods company reported adjusted earnings of 36 cents a share, compared to 41 cents a share that analysts polled by FactSet had estimated. Earnings per share were also lower from the year-ago quarter’s 50 cents a share.
For the full fiscal year, Conagra raked in adjusted earnings of $2.01 per share, higher than $1.98 in the year-ago quarter. However, the figure is still below the $2.06 a share forecast by analysts polled by FactSet
Conagra also lowered its full-year fiscal 2020 adjusted earnings guidance to $2.08 to $2.18 per share, compared to its prior forecast of $2.10 to $2.20. The downward revision partly reflects the company's divestiture of its Gelit frozen pasta business. Analysts had been expecting $2.16 per share in earnings.