Why Conagra Brands Stock Is Trading Lower

Conagra Brands Inc CAG shares are trading lower Thursday morning after the company reported financial results and issued guidance below estimates.

Conagra said fiscal third-quarter revenue increased 5.1% year-over-year to $2.91 billion, which beat the $2.84 billion estimate. The company reported quarterly earnings of 58 cents per share, which is in line with estimates.

Conagra said it expects organic net revenue growth to be around 7% next quarter. Fiscal fourth-quarter adjusted earnings are expected to be around 64 cents per share versus the estimate of 70 cents per share. 

Conagra Brands is a packaged food company that operates predominantly in the United States.

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CAG 52-Week Range: $30.06 - $39.09

According to data from Benzinga Pro, the stock was down 2.3% at $33.55 at press time.

Photo: Mike Mozart from Flickr.