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Conagra Brands (CAG) stock moved 3% higher on Wednesday after the snack and packaged foods producer slightly beat Wall Street’s low expectations, boosted by refrigerated and frozen segments.

Still, the company posted lower revenue and profit year over year as Americans continue to pull back from buying snacks. Revenue declined by 5.8% to $2.63 billion, while adjusted earnings per share declined by 26.4% to $0.39. Both were slightly higher than the Street forecast, per Bloomberg data.

The company reiterated its fiscal 2026 guidance and expects organic net sales to be down 1% to up 1% from fiscal 2025. Adjusted earnings per share are expected to be in the range of $1.70 to $1.85.

“The consumer is certainly not out of the woods yet,” CEO Sean Connolly told investors on the earnings call. “We’re still seeing value-seeking behavior. We still have to deal with inflation and tariffs.”

CFO David Marberger said the company is seeing inflation pressure this quarter for proteins like “beef, pork, turkey, and then, to some extent, eggs.” He added that the company still expects a 3% impact on inflation from tariffs this year.

Volume growth overall fell 1.2%, less than the 1.45% drop Wall Street expected. Refrigerated and frozen volume returned to growth, up 0.5%, for the first time since the fall of last year, driven higher by refrigerated whipped toppings, pudding, canned tomatoes, hot dogs, frozen meals, and desserts.

Its protein snacks — with items like the Slim Jim meat snacks — are also seeing momentum.

“Slim Jim right now is tracking really well,” Connolly said. “That’s a very positive sign.”