Conagra Brands (NYSE: CAG) stock was on an upswing in pre-market trading on Thursday after the packaged goods company reported upbeat fiscal Q2 results. The company reported revenues of $3.3 billion, up 8.3% year-over-year, surpassing consensus estimates by $30 million.
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Adjusted Earnings came in at $0.81 per share, an increase of 26.6% year-over-year handily beating analysts’ expectations of $0.66.
More encouragingly, CAG also raised its FY23 guidance with organic net sales expected to grow in the range of 7% to 8% year-over-year while adjusted EPS is forecasted to be between $2.60 and $2.70, indicating a year-over-year rise in the range of 10% to 14%.
Analysts are cautiously optimistic about CAG stock with a Moderate Buy consensus rating based on five Buys, three Holds and one Sell.
