Reaffirmed Guidance Indicates Strong Performance Ahead
Assuming no supply chain disruption, ConAgra Brands, Inc.'s (CAG) management expects to fulfill and exceed its FY20 guidance, a rare occurrence during the ongoing Coronavirus health crisis. Investors also took this as positive news, and CAG is using its accelerated free cash flow to pay down debt as consumers increasingly turn to the company's attractive frozen foods portfolio during quarantine and working from home. Read on for more.CAG Management Reaffirms FY20 Guidance in Rare Move Amid Difficult Market Environment
Missed Consensus Earnings Estimates / Investors Bouyed by Expectations of Exceeding Guidance
Potential Surge in Goods Consumption as Quarantine & Work-From-Home Continues
Business & Sales Expected to Remain Elevated Post-FY2020
Revised Target Price / CAG is a Current Model Portfolio Holding
Conagra Brands is a packaged goods food company. The company's segments are: Grocery and Snacks, which includes branded, shelf stable food products sold in various retail channels; Refrigerated and Frozen, which includes branded, temperature controlled food products sold in various retail channels; International, which includes branded food products sold in retail and foodservice channels outside of the U.S.; Foodservice, which includes customized food products for sale to restaurants and other foodservice establishments; Pinnacle Foods, which includes and private-label food products; and Commercial Foods, which included commercially branded and private label food and ingredients, among others.
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