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Conagra Brands profit beats consensus by 73.4% in fiscal Q1

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Conagra Brands profit beats consensus by 73.4% in fiscal Q1

Conagra Brands Inc. said its normalized net income for the fiscal first quarter ended Aug. 28 amounted to 83 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS rose 271.8% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $367.8 million, a gain of 282.5% from $96.2 million in the prior-year period.

The normalized profit margin increased to 14.5% from 4.7% in the year-earlier period.

Total revenue grew 29.9% on an annual basis to $2.67 billion from $2.05 billion, and total operating expenses increased 10.7% from the prior-year period to $2.04 billion from $1.84 billion.

Reported net income grew 100.6% year over year to $185.9 million, or 42 cents per share, from $92.7 million, or 21 cents per share.