=ConAgra (CAG) reported earnings on Thur 22 March 18 (b/o)

Conagra deal 'creates a powerhouse in the frozen-food aisle': In a nearly $11 billion deal, the Chicago company has agreed to acquire Pinnacle Foods, whose brands include Birds Eye, Duncan Hines, Hungry-Man and Log Cabin. 

ConAgra beats by $0.04, reports revs in-line; raises FY18 EPS above consensus 

• Reports Q3 (Feb) earnings of $0.61 per share, $0.04 better than the Capital IQ Consensus of $0.57; revenues rose 0.7% year/year to $1.99 bln vs the $2 bln Capital IQ Consensus.
• Co issues upside guidance for FY18, sees EPS of $2.03-2.05 vs. $2.01 Capital IQ Consensus Estimate, up from prior guidance of high end of $1.84-1.89
  • Co also guides for reported net sales growth approximately 150 basis points higher than the organic net sales growth rate due to the impacts of acquisitions and foreign exchange.
  • Co Reaffirms
    • Organic net sales growth near the high end of the range of (2)% to flat.
    • Adjusted operating margin near the low end of the range of 15.9% to 16.3%.