• About
  • Privacy & Policy
  • Contact Us
Procurement Nation
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Contact Us
No Result
View All Result
  • Home
  • Suppliers
  • Procurement
    • Shipping
    • Best Procurement Software
    • Supply Chain
      • What is supply chain management?
      • Tyson Foods Food Supply Chain
  • Markets
  • Banking
  • Contact Us
No Result
View All Result
Procurement Nation
No Result
View All Result

Conagra Brands misses profit view as raw material, shipping costs surge

Mark White by Mark White
January 6, 2022
in Supply Chain
0


Packets of Birds Eye foods, a brand owned by Conagra Brands, are seen in a store in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo

Register now for FREE unlimited access to Reuters.com

Jan 6 (Reuters) – Conagra Brands Inc (CAG.N) missed market estimates for quarterly profit on Thursday, as the Slim Jim jerky maker took a hit from surging prices of raw materials and higher shipping costs.

Margins of packaged food companies have come under pressure in recent months from a spike in prices of commodities such as wheat, sugar and edible oils, while an overburdened supply chain has driven up freight costs.

That has prompted the likes of Conagra to hike prices, which along with sustained at-home cooking trends, helped the company’s net sales rise 2.1% in the second quarter.

Register now for FREE unlimited access to Reuters.com

It also raised its annual core sales forecast to a rise of about 3% from its prior estimate of a 1% growth.

Net income attributable to Conagra declined to $275.5 million, or 57 cents per share, in the quarter ended Nov. 28, from $378.9 million, or 77 cents per share, a year earlier.

Excluding one-time items, Conagra earned 64 cents per share, below estimates of 68 cents per share.

Register now for FREE unlimited access to Reuters.com

Reporting by Deborah Sophia in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.



Source link

Previous Post

Gavi and India’s Bharat discuss possible COVAX use of Covaxin

Next Post

Reckitt takes steps to calm pricing row in India

Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

Next Post
Reckitt takes steps to calm pricing row in India

Reckitt takes steps to calm pricing row in India

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About
  • Privacy & Policy
  • Contact Us
Call us: +1 234 JEG THEME

© 2021 Procurement Nation - Supply Chain & Logistics News

No Result
View All Result
  • Procurement
  • Supply Chain
  • Logistics
  • Science
  • Technology

© 2021 Procurement Nation - Supply Chain & Logistics News