Conagra Brands, Inc. CAG is likely to register an increase in the top and bottom lines when it reports first-quarter fiscal 2021 numbers on Oct 1, before market open. The Zacks Consensus Estimate has remained stable over the past 30 days at 57 cents per share, which suggests a 32.6% increase from the figure reported in the prior-year period. Notably, Conagra delivered an earnings surprise of 10.3% in the last reported quarter. Also, this renowned food company has a trailing four-quarter earnings surprise of 6.8%, on average.The Zacks Consensus Estimate for revenues is pegged at $2,611 million, indicating a rise of 9.2% from the prior-year quarter’s reported figure.Conagra Brands Inc. Price, Consensus and EPS Surprise Conagra Brands Inc. price-consensus-eps-surprise-chart | Conagra Brands Inc. QuoteKey Factors to NoteConagra has been benefiting from the rising demand amid coronavirus-led stockpiling of essential items and increased at-home consumption. These trends have been driving its retail business and helping the company offset softness in the Foodservice segment, which has been bearing the brunt of reduced restaurant traffic amid the pandemic. Also, the company has been witnessing elevated costs related to COVID-19, including investments in employees’ safety, bonuses for supply-chain workers and other costs related to catering to the burgeoning demand. These costs continued in first-quarter fiscal 2021 (till Jun 30).Nonetheless, Conagra has been benefiting from the solid e-commerce business, considerable consumer trials, robust repeat sales and initial launches of fiscal 2021’s planned innovation. In fact, focus on innovation and prudent buyouts have long been strengthening the company’s portfolio. In its last earnings call, management stated that it continued to see a considerable increase in demand in the retail business in the first quarter of fiscal 2021 (till Jun 30).Considering all factors and assuming a smooth supply chain, management expects organic sales growth of 10-13% in the first quarter of fiscal 2021. Adjusted operating margin is likely to be 17-17.5%, while adjusted EPS is envisioned between 54 cents and 59 cents.What the Zacks Model UnveilsOur proven model doesn’t conclusively predict an earnings beat for Conagra this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Conagra currently has a Zacks Rank #3 and an Earnings ESP of 0.00%.Stocks With Favorable CombinationsHere are some companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season.Newell Brands NWL has an Earnings ESP of +37.16% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.Kimberly-Clark KMB has an Earnings ESP of +2.65% and a Zacks Rank #2.Philip Morris PM has an Earnings ESP of +2.41% and a Zacks Rank #3.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021. Click here for the 6 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Philip Morris International Inc. (PM): Free Stock Analysis Report KimberlyClark Corporation (KMB): Free Stock Analysis Report Newell Brands Inc. (NWL): Free Stock Analysis Report Conagra Brands Inc. (CAG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research