Conagra Brands (CAG) stock r🧔ose Thursday following the release of a quarterly earnings report that beat analyst estimates despite a 2% decrease in s🐼ales compared to the year-ago period.

Conagra reported revenue of $3.03 billion for its fiscal 2024 third quarter, just above analyst estimates of $3.01 billion compiled by Visible Alpha. The snack and frozen foods maker reported adjusted net income of $328.9 million, or adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of 69 cents, compared to estimates of $310.2 million and 65 cents, respectively.

All three key figures decreased from the 澳洲幸运5官方开奖结果体彩网:same quarter last year, when Conagra credited higher prices for its successful quarter. This quarter, Conagra 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Sean Connolly said cost-cutting measu𓄧res helped offset tಌhe decline in sales.

Conagra owns dozens of brands across the grocery and frozen food sectors, from Snack Pack pudding to Slim Jim, Duncan Hines, Healthy Choice and Orville Redenbacher's popcorn. Grocery and snack sales increased 3.4%, with higher prices offsetting a slight drop in demand, while sales of the company's refrigerated and frozen brands fell by 8.1%, "primarily due to continued lower consumption trends," the company said.

"Our Q3 results demonstrate steady progress stemming from strong execution," Connolly said. "Outstanding progress on our cost savings initiatives allowed us to support strategic investments in our brands while sustaining margin recovery."

The packaged food company boosted its guidance for adjusted operating margin for fiscal 2024 to 15.8%, from 15.6% previously.

The company affirmed its full-year guidance for a 1% to 2% decline in organic net sales for the fiscal year, compared to the 6.6% increase it reported last year, and an adjusted EPS of $2.60 to $2.65, compared to the $2.77 it posted in 2023.

Other packaged food brands such as 澳洲幸运5官方开奖结果体彩网:General Mills have also reported year-over-year sales decreases in recent quarters, as inflation's continued iওmpact on grocery prices has led some consumers to pursue cheaper options.

Conagra shares were up 5.6% at $30.68 at around 1:30 p.m. ET Thursday. The stock has lost about 18% of its value over the pas🌳t year.