Market Intelligence

Conagra quarterly sales misses Wall St estimates

Dec 20 (Reuters) - Reddi-Wip whipped cream maker Conagra Brands Inc's quarterly sales missed analysts' estimate on Thursday, as the packaged foods company was hurt by delayed shipments and weak demand for some of its grocery brands.

Net income attributable to the company fell to $131.6 million, or 31 cents per share, in the second quarter ended Nov. 25, from $223.5 million, or 54 cents per share, a year earlier.

Net sales rose 9.7 percent to $2.38 billion from $2.17 billion, helped by its acquisition of Pinnacle Foods Inc, but missed analysts' average estimate of $2.41 billion, according to IBES data from Refinitiv.

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