(RTTNews.com) - Shares of Conagra Brands, Inc. ( CAG ) remain firmly in negative territory in late-day trading on Thursday after coming under pressure early in the session. After hitting its lowest intraday level in well over three years, Conagra is currently down by 16.8 percent.
The substantial drop by Conagra comes after the food producer reported fiscal second quarter earnings that exceeded analyst estimates but on weaker than expected revenues. Conagra also forecast weaker than expected full-year earnings.
Conagra reported second quarter adjusted earnings of $0.67 per share compared to analyst estimates for $0.55 per share, although its revenues of $2.38 billion came in below expectations for $2.41 billion.
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