Conagra Brands Inc. stock CAG rose 2.3% in premarket trade Wednesday, after the parent of food brands Birds Eye, SlimJim and Reddi-wip . The company posted net income of $341.7 million, or 71 cents a share, for the quarter to Feb. 26, up from $218.4 million, or 45 cents a share, in the year-earlier period. Adjusted per-share earnings came to 76 cents, ahead of the 64 cent FactSet consensus. Sales climbed 5.9% to $3.087 billion, also ahead of the $3.081 billion FactSet consensus. “Our top-line posted solid growth as we demonstrated strong pricing execution with modest elasticities,” CEO Sean Connolly said in a statement. The company raised its fiscal 2023 guidance and now expects adjusted EPS of $2.70 to $2.75, ahead of the FactSet consensus of $2.68. The stock has gained 10% in the last 12 months, while the S&P 500 SPX has fallen 9%.
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