ConAgra Brands, Inc. (NYSE:CAG) shares are trading lower after the company reported first-quarter results.
ConAgra reported quarterly adjusted earnings per share of 53 cents, missing the analyst consensus of 60 cents. Net sales of $2.79 billion (down 3.8%) missed the street view of $2.84 billion.
The 3.5% drop in organic net sales was driven by a 1.9% negative impact from price/mix, primarily driven by the company’s strategic investments and a 1.6% decrease in volume.
Also, the company estimates that results in the quarter were impacted by approximately $27 ...
