ConAgra Foods Inc Cuts Q4 Outook; Shares Fall (CAG)

Shares of ConAgra Foods Inc (CAG) plummeted on Wednesday morning after the company announced that it is lowering its fourth quarter outlook.

The company reported that it now expects fourth quarter results to be below expectations primarily due to weak Consumer Foods volume performance. CAG now expects to see a net loss of 76 cents per share. On an adjusted basis, EPS is expected to be 55 cents (previously 60 cents). On average, analysts expect to see 62 cents per share in earnings.

“We are disappointed with the Consumer Foods volume performance, which negatively impacted comparable EPS,” noted Gary Rodkin, CEO of CAG.

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As market close on June 17, 2014

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ConAgra Foods shares were down $2.00, or 6.09% during premarket trading Wednesday. The stock is down 2.52% YTD.