Conagra Brands tops revenue estimates aided by higher prices

[October 07, 2021]   (Reuters) -Conagra Brands Inc beat quarterly revenue expectations on Thursday, as the Slim Jim beef jerky maker raised prices for its frozen meals and snacks.

Cans of Chef Boyardee, a product of ConAgra Foods, are seen on the shelf of a grocery store in the Brooklyn borough of New York December 16, 2015. REUTERS/Darren Ornitz/File Photo/File Photo

Conagra, like its peers Campbell Soup Co, Kraft Heinz Co and Unilever PLC, has been bumping up product prices in recent months to offset inflationary pressures, aiding the sales momentum over the past year.

It reported net sales of $2.65 billion in the first quarter, compared with $2.68 billion a year earlier, beating analysts' average estimate of $2.54 billion, according to Refinitiv IBES.

Net income attributable to Conagra fell to $235.4 million, or 49 cents per share, in the quarter ended. Aug 29, from $329 million, or 67 cents per share, a year earlier.

(Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing by Vinay Dwivedi)

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