Reddi-wip Owner Conagra Brands’ Stock Slides as Inflation Leads to Lowered Outlook | Global News Avenue

ConAgra Brand (coronary angiographyShares fell on Thursday after the food giant cut its profit outlook, citing a “challenging consumer environment.”

CEO Sean Connolly says higher than expected inflation “Unfavorable” foreign exchange rates will negatively impact earnings in the second half of its financial year.

In response to these headwinds, ConAgra updated its full-year outlook, anticipating organic net sales It fell 1.5% near the midpoint of its previously flat range and lowered its adjusted Earnings per share (EPS) The range was revised down to $2.45 to $2.50 from the previous range of $2.60 to $2.65.

ConAgra has Taking note of challenging circumstances and hesitant consumers recent quartersand also Want to cut costs to compensate.

The company, which owns dozens of brands including Duncan Hines, Chef Boyardee, Slim Jim and Reddi-wip, was estimated to have posted second-quarter revenue of $3.2 billion, down about 0.4% year-over-year but above analysts’ expectations of $3.15 billion. Compiled by Visible Alpha. conagra’s net income Down from last year, it also fell to $284.5 million, while analysts had expected growth to $317.7 million.

After food manufacturers adjust for one-time costs, e.g. restructuring chargesConAgra reports $337 million Adjusted net profitbetter than $323.1 million Analysts had predicted.

ConAgra shares were down nearly 2% Thursday afternoon and are down about 6% so far this year.