Conagra Cuts Forecast on Softer Sales Across Food Categories

Packages of Pinnacle Foods Inc. Birds Eye, Hungry-Man, Aunt Jemima Frozen Breakfast, and Armour brand frozen foods are arranged for a photograph in Tiskilwa, Illinois, U.S., on Wednesday, June 27, 2018. Conagra Brands Inc. agreed to buy Pinnacle Foods for about $8.1 billion in cash and stock, gaining freezer-aisle brands such as Birds Eye to capitalize on growing demand for frozen foods. Photographer: Daniel Acker/Bloomberg , Bloomberg

Catherine Larkin, Bloomberg News

Feb 17, 2020

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(Bloomberg) -- Conagra Brands Inc. cut its fiscal 2020 forecast because of slowing demand across a range of food categories.

The Chicago-based maker of packaged foods now expects organic sales to be flat to up 0.5% for the year, compared with a prior forecast for growth of 1% to 1.5%, it said Monday in a written statement. Adjusted earnings per share are now expected to be in the range of $2 to $2.07, down from a prior view of $2.07 to $2.17. Analysts surveyed by Bloomberg had estimated $2.11 on average.

To contact the reporter on this story: Catherine Larkin in Chicago at clarkin4@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, David S. Joachim

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