=Conagra (CAG) reported earnings on Thur 27 Sept 18 (b/o)

Conagra misses by $0.02, reports revs in-line; guides Q2 EPS below consensus; reaffirms FY19 revs guidance 

• Reports Q1 (Aug) earnings of $0.47 per share, $0.02 worse thanthe S&P Capital IQ Consensus of $0.49; revenues rose 1.7% year/year to $1.83 bln vs the $1.85 bln S&P Capital IQ Consensus. Organic net sales growth, excluding Trenton, in the range of 1.0% to 2.0%. Adjusted gross margin in the range of 29.7% to 30.0%. Input cost inflation in the range of 3.0% to 3.2%. 
• Co issues downside guidance for Q2, sees EPS of $0.57-0.60, excluding non-recurring items, vs. $0.65 S&P Capital IQ Consensus. Q2 revenue guidance: Reported net sales growth is expected to be approximately 40 basis points lower than the organic net sales growth rate, excluding Trenton. Organic net sales growth, excluding Trenton, is expected to be flat to slightly down versus the prior-year period.
• Co reaffirms guidance for FY19, sees FY19 revs of $7.98-8.06 bln (+0.5-1.5%) vs. $8.02 bln S&P Capital IQ Consensus.