BUZZ - Conagra shares rise as quarterly results exceed expectations

September 30 - ** Packaged food company Conagra Brands (CAG.N) saw its share price rise about 2% in pre-market trading to $14.48

** The company (link) reported first-quarter net sales of $2.6 billion, slightly above analysts’ expectations of $2.59 billion; adjusted earnings per share (EPS) were 41 cents, higher than the expected 28 cents — data compiled by LSEG

** The report showed sales in its grocery and snacks segment fell 2.6% year-on-year, compared to an 8.7% decline in the same period last year, thanks to a rebound in demand for pantry staples such as Slim Jim meat snacks

** The company maintained its full-year forecast for organic net sales to decrease by 1% to 3%, and reaffirmed its outlook for adjusted earnings per share between $1.40 and $1.50

** CEO John Brase said, “There is more work to do,” noting that the current operating environment remains challenging

** As of the close of the previous trading day, the company’s share price had fallen about 18% year-to-date

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