Right. So, Conagra Brands. (CAG 4.43%) – that’s Birds Eye peas and Blue Bonnet spreads to you and me. Shares took a bit of a tumble today, didn’t they? Down over 4%. It’s always slightly alarming when things go down, isn’t it? Like a slow realization that perhaps your carefully constructed portfolio isn’t quite the fortress you imagined. Anyway, they published a business update. Which, let’s be honest, usually means either good news carefully disguised, or… well, the opposite.
It seems to be the latter, mostly. They reiterated their existing guidance. Which, in financial speak, means ‘we haven’t magically found a way to make things better, so expect more of the same.’ Investors, naturally, weren’t thrilled. It’s like when you’re hoping for a promotion and your boss just says, “Keep doing what you’re doing.” Encouraging, in a deeply underwhelming way.
They had a presentation at the Consumer Analyst Group conference. A sneak preview, they called it. Honestly, it felt less like a preview and more like a polite warning. The numbers… well. They’re expecting a 1% decline to 1% growth in net sales for fiscal 2026. A range so narrow it’s practically a straight line. Adjusted operating margin around 11% to 11.5%. And net income, not in accordance with generally accepted accounting principles (GAAP, which sounds terribly important), projected at $1.70 to $1.85 per share.
Units of Optimism Lost: 7. Hours Spent Refreshing Financial News: 4. Number of Times I Considered Taking Up Pottery: 12.
The thing is, they earned $2.30 per share in 2025. And that was almost 14% below 2024. So, basically, things are… plateauing. It’s like running a marathon and realizing you’ve hit a wall. A very beige, packaged-foods-related wall.
And honestly, the market isn’t exactly helping. Everyone’s gone all healthy and fresh, aren’t they? Demanding avocados and kale and things that actually grow. Which is lovely, of course, but not ideal for a company built on, well, things that stay on shelves for a long time. It’s a bit like being a cobbler in the age of sneakers.
I haven’t seen much justification for investing in this stock lately, and this holding to the rather uninspiring annual guidance doesn’t change my view. It’s not disastrous, exactly. It’s just…flat. Like a slightly stale biscuit. And frankly, I’m starting to think a diversified portfolio is just a polite way of saying “I have no idea what’s going to happen, so I’m spreading my risk.” Which, when you think about it, is probably a very sensible approach.
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2026-02-18 00:13