RTTNews | Jan 6, 2022 07:51AM EST

07:51 Thursday, January 6, 2022 (RTTNews.com) - While reporting second-quarter results on Thursday, Conagra Brands, Inc. (CAG) reiterated its adjusted earnings per share guidance for fiscal 2022 and updated its organic net sales and adjusted operating margin guidance. Adjusted EPS is expected to be approximately $2.50, with no change to prior guidance. Organic net sales growth is expected to be approximately 3% compared to prior guidance of approximately 1%. Adjusted operating margin is expected to be approximately 15.5% compared to prior guidance of approximately 16%.

Sean Connolly, CEO of Conagra Brands, said: "Looking ahead, we expect to continue experiencing cost pressures above original expectations in the second half of fiscal 2022."

Second quarter adjusted net income attributable to Conagra Brands decreased 22.8% to $306 million, or $0.64 per share. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to Conagra Brands decreased 27.3% to $275 million, or $0.57 per share.

Second quarter net sales increased 2.1% to $3.1 billion. Organic net sales increased 2.6%. The company said increase in organic net sales was driven by a 6.8% improvement in price/mix, which was partially offset by a 4.2% decrease in volume. Analysts on average had estimated $3.02 billion in revenue.

Shares of Conagra Brands were down 2% in pre-market trade on Thursday.

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