Conagra Brands beats first-quarter estimates on pricing strength

Sept 30 (Reuters) - Conagra ‌Brands beat ​Wall ​Street estimates for first-quarter profit and sales on Wednesday, helped by a better ‌pricing and product mix.

"While there is more ⁠work to be done, we remain on track to deliver ‌the year," said CEO ‌John Brase.

Conagra had halved its annual dividend in July and said it was reviewing its ​non-core assets, with new CEO Brase stating that brands that were not playing a ⁠great strategic role could be divested and others added.

Net sales in ​the Refrigerated & Frozen segment fell 2.1% from a year earlier during the quarter, while ​volumes decreased 1% and prices ‌fell 1.5%.

Pricing and product mix contributed 1% to total organic net sales, ⁠partly offsetting lower volumes, Conagra said.

The company's total quarterly net sales came in at $2.60 billion, beating estimates ⁠of $2.59 billion, according to data compiled by LSEG.

Adjusted gross profit ​for the first quarter fell 3.9% from a year earlier, slightly offset by $4 million in tariff refunds.

Quarterly adjusted earnings ‌per share stood at 41 cents, compared with analysts' estimates of 28 ‌cents. Conagra also reaffirmed its annual sales and ⁠profit forecasts.

Shares of ‌the Hunt's ketchup-maker ​were down 3% in premarket trading.

(Reporting by Koyena Das in Bengaluru; Editing by Jonathan ‌Ananda)

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