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Conagra Brands Posts Lower-Than-Projected Results, Affirms Guidance
Conagra's quarterly revenue fell short of expectations, as the frozen food supply chain crisis weighed on performance.
Food giant Conagra Brands reported on Thursday that its third-quarter Earnings Reports showed that due to disruptions in the Cold Chain business, the company's revenue did not meet Wall Street expectations. The Earnings Reports revealed that the company’s actual revenue for the third fiscal quarter was $3.21 billion, while the market expected $3.34 billion, falling short by 3.9%. Revenue in the frozen foods sector declined by 8% year-on-year, and the delivery delay rate for refrigerated foods rose to 15%. Logistics costs as a percentage of revenue increased by 1.2 percentage points year-on-year to 6.8%. Key Cold Chain transportation partner Yellow Trucking has filed for bankruptcy.
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