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Conagra (CAG) Gears Up for Q4 Earnings: What's in Store?
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Conagra Brands, Inc. (CAG - Free Report) is likely to register a top-line growth when it reports fourth-quarter fiscal 2023 earnings on Jul 13. The Zacks Consensus Estimate for quarterly revenues is pegged at $3.02 billion, suggesting a rise of 3.8% from the prior-year fiscal quarter’s reported figure. The consensus mark for fiscal 2023 revenues is pegged at $12.3 billion, indicating growth of 6.8% from the year-ago period’s reported figure.
However, the company’s bottom line is expected to decline in the fiscal fourth quarter. The Zacks Consensus Estimate for quarterly earnings has moved down by a penny in the past 30 days to 60 cents per share. The figure indicates a decline of 7.7% from the figure reported in the prior-year fiscal quarter. The consensus mark for fiscal 2023 earnings is pegged at $2.75 per share, indicating growth of 16.5% from the year-ago period’s reported figure.
The consumer-packaged goods food company has a trailing four-quarter earnings surprise of 13.2%, on average. CAG delivered an earnings surprise of 18.8% in the last reported quarter.
Conagra is benefiting from robust pricing actions, which is aiding its top line. Gains from innovation and other brand-building efforts are yielding. The company has been delivering improved service levels and productivity, which is aiding margin performance amid industry-wide supply-chain hurdles and inflation. Conagra has been seeing robust growth in its Foodservice business. Strength in its frozen business remains a driver.
For fiscal 2023, management envisions adjusted earnings per share (EPS) in the range of $2.70-$2.75, suggesting a 14-17% year-over-year growth. CAG expects fiscal 2023 organic net sales growth of 7-7.5%. The adjusted operating margin is anticipated in the band of 15.5-15.6% for fiscal 2023.
Conagra has been encountering cost inflation and supply-chain challenges. In its last earnings call, management highlighted that it expects total gross inflation of roughly 10% for fiscal 2023. Owing to international exposure, its business is susceptible to currency fluctuations.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Conagra this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Conagra carries a Zacks Rank #3 and has an Earnings ESP of -1.67%.
Stocks With a Favorable Combination
Here are three companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:
TreeHouse Foods (THS - Free Report) currently has an Earnings ESP of +5.66% and a Zacks Rank #1. The company’s top line is expected to decline year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Kraft Heinz’s quarterly revenues is pegged at $829.9 million, which implies a decline of 30.7% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 40 cents, which indicates an improvement from a loss of 4 cents reported in the year-ago quarter. THS has a trailing four-quarter earnings surprise of 49.3%, on average.
Celsius Holdings, Inc. (CELH - Free Report) currently has an Earnings ESP of +10.04% and a Zacks Rank #1. The company’s top and bottom lines are expected to increase year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Celsius Holdings’ quarterly revenues is pegged at $278.9 million, calling for growth of 81.1% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 31 cents, which indicates an improvement from 12 cents reported in the year-ago quarter. CELH has a trailing four-quarter negative earnings surprise of 99.1%, on average.
Kraft Heinz Company (KHC - Free Report) currently has an Earnings ESP of +1.00% and a Zacks Rank #3. The company’s top and bottom lines are expected to increase year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Kraft Heinz’s quarterly revenues is pegged at $6.8 billion, suggesting a rise of 4.1% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 75 cents, which indicates a 7.1% rise from the year-ago period figure. KHC has a trailing four-quarter earnings surprise of 10.7%, on average.
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Conagra (CAG) Gears Up for Q4 Earnings: What's in Store?
Conagra Brands, Inc. (CAG - Free Report) is likely to register a top-line growth when it reports fourth-quarter fiscal 2023 earnings on Jul 13. The Zacks Consensus Estimate for quarterly revenues is pegged at $3.02 billion, suggesting a rise of 3.8% from the prior-year fiscal quarter’s reported figure. The consensus mark for fiscal 2023 revenues is pegged at $12.3 billion, indicating growth of 6.8% from the year-ago period’s reported figure.
However, the company’s bottom line is expected to decline in the fiscal fourth quarter. The Zacks Consensus Estimate for quarterly earnings has moved down by a penny in the past 30 days to 60 cents per share. The figure indicates a decline of 7.7% from the figure reported in the prior-year fiscal quarter. The consensus mark for fiscal 2023 earnings is pegged at $2.75 per share, indicating growth of 16.5% from the year-ago period’s reported figure.
The consumer-packaged goods food company has a trailing four-quarter earnings surprise of 13.2%, on average. CAG delivered an earnings surprise of 18.8% in the last reported quarter.
Conagra Brands Price and EPS Surprise
Conagra Brands price-eps-surprise | Conagra Brands Quote
Things To Note
Conagra is benefiting from robust pricing actions, which is aiding its top line. Gains from innovation and other brand-building efforts are yielding. The company has been delivering improved service levels and productivity, which is aiding margin performance amid industry-wide supply-chain hurdles and inflation. Conagra has been seeing robust growth in its Foodservice business. Strength in its frozen business remains a driver.
For fiscal 2023, management envisions adjusted earnings per share (EPS) in the range of $2.70-$2.75, suggesting a 14-17% year-over-year growth. CAG expects fiscal 2023 organic net sales growth of 7-7.5%. The adjusted operating margin is anticipated in the band of 15.5-15.6% for fiscal 2023.
Conagra has been encountering cost inflation and supply-chain challenges. In its last earnings call, management highlighted that it expects total gross inflation of roughly 10% for fiscal 2023. Owing to international exposure, its business is susceptible to currency fluctuations.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Conagra this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Conagra carries a Zacks Rank #3 and has an Earnings ESP of -1.67%.
Stocks With a Favorable Combination
Here are three companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:
TreeHouse Foods (THS - Free Report) currently has an Earnings ESP of +5.66% and a Zacks Rank #1. The company’s top line is expected to decline year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Kraft Heinz’s quarterly revenues is pegged at $829.9 million, which implies a decline of 30.7% from the figure reported in the prior-year quarter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 40 cents, which indicates an improvement from a loss of 4 cents reported in the year-ago quarter. THS has a trailing four-quarter earnings surprise of 49.3%, on average.
Celsius Holdings, Inc. (CELH - Free Report) currently has an Earnings ESP of +10.04% and a Zacks Rank #1. The company’s top and bottom lines are expected to increase year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Celsius Holdings’ quarterly revenues is pegged at $278.9 million, calling for growth of 81.1% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 31 cents, which indicates an improvement from 12 cents reported in the year-ago quarter. CELH has a trailing four-quarter negative earnings surprise of 99.1%, on average.
Kraft Heinz Company (KHC - Free Report) currently has an Earnings ESP of +1.00% and a Zacks Rank #3. The company’s top and bottom lines are expected to increase year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Kraft Heinz’s quarterly revenues is pegged at $6.8 billion, suggesting a rise of 4.1% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 75 cents, which indicates a 7.1% rise from the year-ago period figure. KHC has a trailing four-quarter earnings surprise of 10.7%, on average.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.