Conagra Brands on Thursday joined rival General Mills in trimming its annual profit forecast and warning that price cuts on its products across grocery, snacks and frozen food items to spark demand will weigh on margins.
Conagra trims profit forecast as higher inflation, promotions to dent margins
Packaged food giant Conagra Brands’ quarterly results miss on weak demand
Packaged food giant Conagra reported first-quarter results that missed Wall Street estimates as budget-conscious consumers prioritized spending on lower-priced alternatives over the company's higher-priced pantry staples, sending its shares down about seven per cent.
Conagra tops profit, sales estimates even as consumers turn thrifty
Reuters — Conagra Brands beat quarterly sales and profit estimates on Thursday, boosted by higher prices for its Marie Callender’s and Slim Jim brands even as consumer demand wanes under the weight of decades-high inflation. Global food companies have been increasing prices over the past year to shield profit margins, which have been squeezed by […] Read more
Conagra flags price increases to cushion inflation impact
Prepared foods firm raises sales forecast
Reuters — Conagra Brands said on Thursday it would increase prices again on its frozen meals and snacks to help cushion the blow of higher inflation, after the diversified food maker raised its annual sales forecast and topped quarterly results. Packaged food companies are grappling with inflation as the U.S. economy rebounds, while spending heavily […] Read more
Rail shippers pick sides as CP, CN bid for Kansas City Southern
Richardson, Conagra among firms supporting both bids
Winnipeg | Reuters — North America’s freight rail customers, from grain shippers to logistics companies, are choosing sides as Canadian Pacific Railway and Canadian National Railway fight to buy Kansas City Southern. A takeout of KCS would be the first major North American railroad combination in more than 20 years and create the first network […] Read more
Ex-Viterra chief Schmidt named Nutrien’s new CEO
Chuck Magro stepping down for 'new opportunities'
Canadian fertilizer and ag retail giant Nutrien has tapped a familiar name in agribusiness to lead the company, as the CEO it’s had since birth steps aside. Saskatoon-based Nutrien said Monday its board has named its current chairman, Mayo Schmidt, as the company’s new CEO. Replacing Schmidt as Nutrien’s chair is Russ Girling, former CEO […] Read more
Food retail order boom may ease after big quarter, Conagra says
Reuters — Conagra Brands put better-than-expected first quarter sales on Thursday down to heavy ordering by retailers worried about the durability of supply chains in the months ahead as a second wave of coronavirus cases takes hold. Shares in the foodstuffs maker dipped as much as three per cent before recovering after chief financial officer […] Read more
Ardent Mills to close four U.S. flour mills
Reuters — Ardent Mills will close three U.S. flour mills next month and a fourth in the first quarter of 2020, the flour miller and food ingredient maker announced Friday. The company, a joint venture between ConAgra Foods, Cargill and CHS, said the closures were necessary due to “anticipated demand and to enhance the efficiency […] Read more
Richardson to buy Wesson cooking oil brand
A household name in U.S. cooking oils is set to become part of Canadian grain handler and oilseed processor Richardson International. Chicago-based Conagra Brands said Tuesday it will sell its Wesson oil brand and related assets — including a 280,000-square foot U.S. processing plant at Memphis — to Richardson for an undisclosed sum. Wesson-branded retail […] Read more
Smucker drops bid to buy Wesson Oil after U.S. objects
Washington | Reuters — J.M. Smucker Co. said on Tuesday it will abandon its plan to acquire Conagra Brands’ Wesson Oil brand after the U.S. Federal Trade Commission had moved to block the deal arguing it would likely lessen competition and violate anti-trust law. Mark Smucker, CEO of J.M. Smucker, said “it is not in […] Read more
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