Conagra Brands Inc – Best Food Stocks For 2021
You may be aware of food brands like Reddi Wip, Slim Jim, Birds Eye, Hunts, Healthy Choice, and Earth Balance. These are all part of Conagra Brands Inc. The company is among the most well-known packaged foods stocks 2021. Other brands like Act II, PAM, Gardein, Mrs. Butterworth’s, and Duke’s are also some of the many brands that Conagra has built and grown over the years. Inflation is a commonly discussed topic these days among investors. Also concerning investors is the uncertainty regarding the new Omicron variant of the virus recently discovered in South Africa. Such times tend to push investors towards moving their capital into defensive sectors like packaged foods and consumer staples. If you are among those investors, then food businesses like Conagra Brands are the kind of options that you may want to look at.
Conagra Reports Q12022 Earnings Numbers
On 7th October 2021, Conagra Brands reported its first-quarter 2022 earnings results. Total revenue was slightly down by 1% compared to the same quarter the previous year. The revenue for the quarter came in at $2.65 billion. Net income was also substantially down from $329 million to $235 million. As a result, the earnings per share on a diluted basis was down from $0.67 in Q12021 to $0.49 in Q12022.
Regarding the sales performance within segments, the Foodservice segment saw the most growth at around 20% year-on-year. The International segment also saw some growth at around 8% year-on-year. However, the major segments of grocery and frozen were both down 4.9% and 2.5% respectively. So, the financials do not exactly paint a very rosy picture. However, if you think the market volatility in the coming weeks could be excessive, it makes sense to look at the best food stocks for 2021.
Packaged Foods Stocks 2021
Speaking at the earnings conference call, company CEO Sean Connolly commented that Conagra Brands saw strong demand from the consumer side. He also expressed confidence that the company’s ability to build brands and make broad-ranging investments will guide it successfully through the current headwinds posed by the ongoing pandemic.