ConAgra Brands (CAG) Tops Q3 EPS by 2c, Offers Guidance

March 21, 2019 7:30 AM EDT

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ConAgra Brands (NYSE: CAG) reported Q3 EPS of $0.51, $0.02 better than the analyst estimate of $0.49. Revenue for the quarter came in at $2.71 billion versus the consensus estimate of $2.77 billion.

Fiscal 2019 Outlook

With approximately two months left in fiscal 2019, and the sale of the Wesson oil business now complete, the Company is updating its fiscal 2019 outlook. Prior guidance included Wesson for the full fiscal year. The updated organic net sales growth guidance removes Wesson for the entire fiscal year. All other metrics include Wesson's actual results only for the time period the business was owned and now exclude expected results for the remainder of the fiscal year.

Total Conagra

Prior FY19 Guidance

Updated FY19 Guidance

Organic Net Sales Growth(excl. Trenton impact)

+1.0% to +2.0%

Approximately +1%

Adj. Gross Margin

29.3% to 29.6%

Below Range

Adj. Operating Margin

14.9% to 15.2%

Above Range

Adj. Effective Tax Rate

24% to 25%

No Change

Adj. Net Interest Expense

$390 to $395 million

Below Range

Avg. Diluted Shares

~ 446 million

No Change

Adj. Diluted EPS from Cont. Ops.

$2.03 to $2.08

No Change

FY19 Synergies

$20 million

Above Range

FY19 Transaction-Related Amortization

$17 million

No Change

Pinnacle

(incl. Pinnacle-related corporate expense)

Prior FY19 Guidance

Updated FY19 Guidance

Reported Net Sales

$1.70 to $1.75 billion

$1.71 to $1.73 billion

Adj. Operating Margin

14.6% to 14.9%

Near High-End of Range

For earnings history and earnings-related data on ConAgra Brands (CAG) click here.



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