Conagra Brands reported fiscal first-quarter results on Tuesday that fell short of Wall Street profit estimates. The Chicago-based food company trimmed its full-year outlook as tariffs and soft demand pressured margins, with shares falling in pre-market trading.

The maker of Birds Eye, Healthy Choice and Slim Jim products has struggled with rising costs for steel, aluminium and imported ingredients, which have squeezed its frozen and snacks divisions. Chief Executive Sean Connolly has repeatedly warned investors that tariff-related inflation would weigh on the company's 2026 results.

Conagra said organic net sales declined as budget-conscious shoppers traded down to private-label alternatives and cut back on discretionary grocery purchases. The company pointed to elevated packaging and commodity costs, alongside promotional spending needed to defend market share, as key drags on adjusted operating margin.

Analysts at Stifel and JPMorgan had flagged the risk of a guidance cut before the release, noting that Conagra's exposure to imported inputs left it more vulnerable than some peers. The reduced outlook is likely to renew pressure on management to accelerate cost-cutting and portfolio pruning.

The results underscore the broader strain on US packaged-food makers, who face weak volumes, tariff-driven input inflation and consumers increasingly resistant to price increases after years of elevated grocery costs.