BUZZ-Conagra Brands down after annual profit target cut on supply chain issues

Reuters
02-18
BUZZ-Conagra Brands down after annual profit target cut on supply chain issues

** Slim Jim beef jerky maker Conagra Brands' CAG.N shares down 2.2% at $24.73 premarket

** Co cuts annual profit expectations for the second time in less than two months, citing supply constraints and foreign exchange rates

** Experienced interruptions in customer service for frozen meals containing chicken and vegetables in Q3 due to supply issues on two product platforms - CAG said on Monday

** Expects annual adj EPS $2.35 vs prior target of $2.45 to $2.50

** Also trims adjusted operating margin expectation to 14.4% from 14.8%

** In 2024, stock fell 3%, following a ~26% fall in 2023

(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))

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