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Conagra Brands profit misses consensus by 27.7% in fiscal Q1

Conagra Brands Inc. said its normalized net income for the fiscal first quarter ended Aug. 24 was 25 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS fell 7.7% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $108.5 million, a decrease of 7.4% from $117.3 million in the year-earlier period.

The normalized profit margin increased to 3.3% from 3.2% in the year-earlier period.

Total revenue totaled $3.70 billion, compared with $3.72 billion in the prior-year period, and total operating expenses came to $3.47 billion, compared with $3.43 billion in the year-earlier period.

Reported net income fell 16.5% from the prior-year period to $107.3 million, or 25 cents per share, from $128.5 million, or 30 cents per share.