Conagra Brands (CAG) on Thursday reported weaker-than-anticipated fiscal third-quarter results, while the packaged food company left its full-year outlook intact amid an evolving economic environment.

Adjusted earnings dropped to $0.51 per share for the three months ended Feb. 23 from $0.69 a year earlier and missed the average analyst estimate of $0.52 on FactSet. Net sales declined 6.3% to $2.84 billion, below the consensus for $2.90 billion.

The parent of frozen food brands Birds Eye and Healthy Choice reported a 5.2% decrease in organic sales, reflecting a 2.1% price/mix headwind and a 3.1% decrease in volume. By segment, grocery and snacks revenue decreased 3.2% to $1.2 billion, while the refrigerated and frozen division fell 7.2% to $1.1 billion. Foodservice sales also declined.

"Shipments lagged behind consumption during the third quarter, in part due to the discrete supply constraints we announced in mid-February," Chief Executive Sean Connolly said in pre-recorded remarks ahead of an earnings call Thursday. "We experienced supply challenges in two product platforms -- frozen meals containing chicken and frozen vegetables - which prevented us from fully servicing demand during the quarter."

For fiscal 2025, the company continues to expect adjusted EPS about $2.35 per share, with organic net sales anticipated to decline nearly 2%. Analysts are looking for $2.35 on revenue of $11.74 billion, which indicated a decline year over year.

Fourth-quarter volume is expected to increase sequentially, while shipments should improve "as we restock retailer inventories in supply constrained areas," Chief Financial Officer David Marberger said in prepared remarks.

"Our fiscal 2025 guidance remains unchanged as we continue to closely monitor the dynamic external environment, including tariffs and trade impacts, regulatory and policy changes, inflation, and shifts in consumer sentiment," Connolly said. "Amid this evolving landscape, we remain focused on strong execution and operating with agility to drive sustainable success."

In a statement on Thursday, the company said it anticipates "limited impact to fiscal 2025 from previously announced US tariffs on steel and aluminum and imports from China." The guidance does not reflect other tariffs.

President Donald Trump on Wednesday announced sweeping new tariffs, targeting imports from several countries including China and Japan.