Conagra Brands Inc (NYSE:CAG) saw its first quarter net sales drop but it still came in ahead of Wall Street’s expectations.
In a statement the company, which makes Reddi-Wip whipped cream and Chef Boyardee pasta, said it recorded net income of US$152.5mln or 36 US cents per share in its fiscal first quarter to August 27.
This was below the US$186.2mln or 22 US cents a share recorded the year before.
Adjusted per-share earnings came in at 39 US cents, just below market consensus of 40 US cents.
Full year sales seen down 2% to flat
In the quarter, sales also fell to US$1.804bn from US$1.895bn the year ahead, but it was still ahead of Wall Street’s expectations for US$1.786bn.
Conagra Brands, which also owns food brands including Marie Callender's, Hunt's, Healthy Choice and Slim Jim, reiterated its 2018 sales numbers at: down 2% to flat.
Adjusted EPS is expected to come in between US$1.84 to US$1.89, nicely falling within market consensus for US$1.86.