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.