Conagra Brands beats first-quarter profit and sales estimates

By Reuters News

Sept 30 (Reuters) - Conagra Brands CAG.N beat Wall Street estimates for first-quarter profit and sales on Wednesday, helped by resilient demand for pantry staples such as its Slim Jim meat snacks.

Shares of the Hunt's ketchup-maker were up 2% in premarket trading.

Budget-conscious consumers have continued to prepare more meals at home rather than dining out as they navigate elevated costs of living amid soaring oil prices and economic uncertainty, supporting demand for packaged food companies such as Conagra.

The company reported quarterly adjusted earnings per share of 41 cents, compared with analysts' estimates of 28 cents, according to data compiled by LSEG.

Conagra's net sales came in at $2.60 billion for the quarter ended August 30, compared with estimates of $2.59 billion. The company also reaffirmed its annual sales and profit forecasts.

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