Conagra rises after quarterly results beat

** Shares of packaged food company Conagra Brands CAG.N up ~2% at $14.48 premarket

** Co posts Q1 net sales of $2.60 billion, narrowly beating analysts' estimates of $2.59 billion, while adjusted EPS of 41 cents beats expectations of 28 cents - data compiled by LSEG

** Reports 2.6% decline in its grocery and snacks segment compared to an 8.7% fall a year earlier, as demand for pantry staples such as its Slim Jim meat snacks picks up

** Co maintains annual organic net sales forecast of between a 1% and 3% fall and adj. EPS forecast of between $1.40 and $1.50

** "There is more work to be done," CEO John Brase says, citing a challenging operating environment

** As of last close, stock down about 18% YTD