Conagra Brands Inc. has lowered its full-year profit projection due to escalating input and transportation costs, despite raising prices across its product offerings. The company's third-quarter results showed a 22.4% drop in net income, although sales reached $2.91 billion, outperforming expectations. Looking ahead, Conagra anticipates ongoing cost pressures and has implemented several pricing actions to mitigate financial strain, expecting a gross inflation rate of about 16% for the year.
“Conagra · reported · quarterly earnings · hit by higher costs”
“Conagra · is · raising prices · as a result”
“Sean Connolly · is · president and CEO of Conagra Brands”
“Conagra Brands Inc. · will translate to · about $340 million more spent on beef, chicken, turkey and pork products”
“Conagra Brands Inc. · cut its full-year earnings forecast”
“Conagra Brands Inc. · is raising prices · but that will take time to filter through to its profits”
“Conagra Brands Inc. · reported · disappointing results · third quarter of fiscal 2022”
“Conagra Brands Inc. · lowered · full fiscal 2022 profit projection · due largely to rapidly rising input prices and transportation costs”
“Conagra Brands Inc. · experienced · higher-than-expected cost pressures · as the third quarter progressed”
“Conagra Brands Inc. · expects · cost pressures to continue · into the fourth quarter”
“Conagra Brands Inc. · took steps to implement · additional inflation-driven pricing actions · the benefits of which are expected to arrive in first quarter of fiscal 2023”
“Conagra Brands · helped us capture · share across each of our domains · frozen, snacks, and staples”
