Conagra Brands (CAG) reported $2.91 billion in revenue for the quarter ended May 2024, representing a year-over-year decline of 2.3%. EPS of $0.61 for the same period compares to $0.62 a year ago.The reported revenue represents a surprise of -1.13% over the Zacks Consensus Estimate of $2.94 billion. With the consensus EPS estimate being $0.56, the EPS surprise was +8.93%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

Conagra Brands, Inc. (NYSE:CAG) Q4 2024 Earnings Call Transcript July 11, 2024 8:30 AM ET Company Participants Melissa Napier - SVP of IR Sean Connolly - CEO David Marberger - CFO Operator Good morning. This is Melissa Napier from Conagra Brands. Thank you for listening to our prepared remarks on Conagra Brand’s Fourth Quarter and Fiscal Year 2024 Earnings. At 9:30 AM eastern this morning, we will hold a separate live question-and-answer session on today's results, which you can access via webcast on our In ...

FY24 Q4 Earnings Presentation July 11, 2024 1 Legal Disclosure Note on Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Readers of this document should understand that these statements are not guarantees of performance or results. Many factors could affect our actual financial results and ca ...

Conagra Brands (CAG) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.93%. A quarter ago, it was expected that this company would post earnings of $0.64 per share when it actually produced earnings of $0.69, delivering a surprise of 7.81%.Over the last four quarters, the company has ...

Financial Data and Key Metrics Changes - For fiscal year 2024, organic net sales were $12 billion, down 2.1% due to a prolonged volume recovery in the domestic retail business [21] - Adjusted gross margin expanded by 58 basis points, and adjusted operating margin expanded by 34 basis points year-over-year [8] - Adjusted EPS for the fiscal year was $2.67, with a net leverage ratio of 3.37 times, improved from over 5.5 times [10][22] Business Line Data and Key Metrics Changes - In Q4, organic net sales declined 2.4%, driven by a volume decline of 1.8% and a 0.6% price mix reduction [23] - The Snacks business saw positive consumption trends, helping to gain market share, while Grocery and Foodservice segments experienced volume declines [24] - Refrigerated and Frozen segments showed volume increases, with Frozen single-serve meals returning to growth [12][24] Market Data and Key Metrics Changes - Approximately 65% of the portfolio held or gained volume share in Q4, marking the fourth consecutive quarter of share gains [11] - In the Snacks domain, 80% of brands held or gained volume share, indicating strong competitive performance [12] - The international business delivered strong sales growth, driven by results from Mexico and global exports [24] Company Strategy and Development Direction - The company is focused on maximizing consumer engagement through strategic investments, aiming for gradual volume improvements [18] - Continued brand building investments are planned for fiscal 2025, with expectations of stable adjusted gross margins despite ongoing inflation [19] - The company aims to achieve $1 billion in cost savings by the end of fiscal 2025, targeting a net leverage ratio of approximately 3.2 times [17][32] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging consumer environment in fiscal 2025 but expects a transition towards a normalized operating environment [18] - The company is encouraged by steady volume improvement and market share gains from investments made during fiscal 2024 [31] - Fiscal 2025 guidance includes organic net sales growth projected to be flat to down 1.5%, with adjusted EPS expected between $2.60 and $2.65 [20][32] Other Important Information - The company repaid a $1 billion senior note in Q4 and improved free cash flow by approximately $1 billion over fiscal 2023 [30] - Capital expenditures increased by 7% to $388 million, with dividends paid amounting to $659 million in fiscal 2024 [30] - The company plans to resume minimal share repurchases in fiscal 2025 to offset dilution from equity incentive plans [32] Q&A Session Summary Question: What are the expectations for organic net sales growth in fiscal 2025? - The company expects organic net sales growth to be flat to down 1.5% compared to fiscal 2024 [32] Question: How is the company addressing inflation and cost pressures? - The company plans to achieve approximately 4% cost savings as a percentage of cost of goods sold to offset projected inflation [18][32] Question: What is the outlook for the Snacks and Frozen segments? - The Snacks segment is expected to continue its positive momentum, while Frozen is anticipated to maintain steady growth [12][24]

CONAGRA BRANDS REPORTS FOURTH QUARTER RESULTS AND QUARTERLY DIVIDEND CHICAGO, July 11, 2024 — Today Conagra Brands, Inc. (NYSE: CAG) reported results for the fourth quarter and full year fiscal year 2024, which ended on May 26, 2024. All comparisons are against the prior- year fiscal period, unless otherwise noted. Highlights CEO Perspective Sean Connolly, president and chief executive officer of Conagra Brands, commented, "Our investments in our brands continued to yield results, and again drove volume imp ...

CHICAGO, July 11, 2024 /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) reported results for the fourth quarter and full year fiscal year 2024, which ended on May 26, 2024. All comparisons are against the prior-year fiscal period, unless otherwise noted.HighlightsFourth quarter:Reported net sales decreased 2.3% and organic net sales decreased 2.4%Reported operating margin was (19.1)%; adjusted operating margin was 14.8%Reported diluted loss per share for the fourth quarter was $1.18, primarily as a re ...

Loading...Loading...Conagra Brands, Inc. CAG will release its fiscal 2024 fourth quarter financial results, before the opening bell on Thursday, July 11.Analysts expect the Chicago, Illinois-based company to report quarterly earnings at 57 cents per share, down from 62 cents per share in the year-ago period. Conagra Brands is expected to post revenue of $2.93 billion, compared to $2.97 billion a year earlier, according to data from Benzinga Pro.On April 11, Conagra Brands announced a quarterly dividend paym ...

Grand Prize Includes an Outdoor At-Home Theater, One-Year Supply of Orville Redenbacher's Microwave Popcorn and SeasoningsCHICAGO, July 9, 2024 /PRNewswire/ -- Orville Redenbacher's® Gourmet Popping Corn, America's leading fresh popped popcorn brand1, and Hallmark Channel, the #1 destination for feel-good seasonal entertainment, are offering the "Ultimate Outdoor Movie Night" Sweepstakes. The grand prize – an outdoor movie theater package – will bring Hallmark's sweetest summer movies to your own backyard.  ...

Core Viewpoint - Conagra Brands is expected to show improvement in its upcoming 4Q24 earnings, with potential upside in share price due to sequential improvements in sales and profit, particularly in its largest segment, Frozen Single-Serve Meals [3][4][14] Company Overview - Conagra Brands operates in the packaged foods and meats sector with a market capitalization exceeding $13.7 billion [2] - The company has a solid operating profit and net margin, although it has faced slightly declining margins and overall sales growth [2][5] Financial Performance - The company has shown continued volume recovery in domestic retail, with strong merchandising lifts and gross margin expansion [4] - Year-to-date free cash flow conversion stands at 124%, with a 4% cost savings achieved [4] - The operating margin is reported at 15.8%, with guidance for a $2.65/share top-line for the full year [7] Market Position and Strategy - Conagra is the fourth-largest food company in the U.S., with a strong portfolio in frozen foods and snacks [10] - The company has been focusing on premiumization, with the average price per sales unit increasing from an index of 100 in 2014 to 144 in 2022 [8] - Conagra has improved its unit share in the strategic Frozen & Snacks domain to 59% [5] Valuation and Growth Potential - The company is trading at a normalized P/E of less than 11x, with potential for a share price increase to over $41, indicating significant upside [3][12] - Analysts have set an average target price of around $32/share, with a range from $29 to $34/share [13] - The company is expected to achieve an annualized upside of 15-20% per year for 2026E, even with low growth [12] Investment Thesis - Conagra is viewed as undervalued, with a projected price target of at least $36.5/share, offering an annualized upside of more than 15% including dividends [14] - The company is considered a "BUY" going into 4Q24 due to its strong product portfolio, solid earnings, and growth prospects [14][15]