Conagra Brands Inc. said its normalized net income for the fiscal first quarter ended Aug. 27 amounted to 42 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.
EPS decreased 31.8% year over year from 62 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $177.3 million, a decline of 35.4% from $274.6 million in the year-earlier period.
The normalized profit margin fell to 9.8% from 14.5% in the year-earlier period.
Total revenue fell on an annual basis to $1.80 billion from $1.90 billion, and total operating expenses climbed 7.7% year over year to $1.51 billion from $1.41 billion.
Reported net income rose 54.9% year over year to $150.9 million, or 36 cents per share, from $97.4 million, or 21 cents per share.
