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Conagra Brands fiscal Q1 profit falls YOY

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.