BUZZ-Conagra Brands hits near five-year low after profit forecast cut on supply chain issues

Updates

Slim Jim beef jerky maker Conagra Brands' CAG.N shares down as much as 8.8% at $23.06, lowest since March 2020

Co cuts annual profit expectations for the second time in less than two months, citing supply constraints and foreign exchange rates

Experienced interruptions in customer service for frozen meals containing chicken and vegetables in Q3 due to supply issues on two product platforms - CAG said on Monday

Expects annual adjusted EPS $2.35 vs prior target of $2.45 to $2.50

Also trims adjusted operating margin expectation to 14.4% from 14.8%

*Brokerage BNP Paribas Securities says this will further add to concerns around the level of flexibility Conagra provides itself when constructing outlook, as it seems to be calling out more supply chain disruptions than peers

In 2024, stock fell 3%, following a ~26% fall in 2023