Shares of Conagra Brands Inc. CAG slid 0.9% toward a nine-month low in premarket trading Thursday, after the branded foods company’s fiscal fourth-quarter revenue fell short of forecasts and the full-year outlook was downbeat. The company, with brands including Birds Eye, Slim Jim, Duncan Hines and Hunt’s, said net income for the quarter to May 28 fell to $37.5 million, or 8 cents a share, from $158.9 million, or 33 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell 4.6% to 62 cents, above the FactSet consensus of 60 cents. Sales increased 2.2% to $2.97 billion, just below the FactSet consensus of $3.00 billion. Sales rose as a 9.9% increases in prices and sales mix offset a 7.7% drop in volume. For fiscal 2024, the company expects adjusted EPS of between $2.70 and $2.75, which is below the current FactSet consensus of $2.84. The stock has dropped 12.2% over the past three months through Wednesday, while the S&P 500 SPX has gained 7.9%.
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