Economic Indicators - Initial Jobless Claims decreased for the fourth consecutive week to 227K, down from a near-term high of 250K four weeks ago, marking the lowest level since May 17th [2] - Continuing Claims increased to 1.965 million from a revised 1.955 million, the highest since November 2021, with four of the last five weeks above 1.95 million [3][4] Company Earnings - Delta Air Lines (DAL) reported Q2 earnings of $2.10 per share, beating expectations by 9 cents, although down from $2.36 per share a year ago, with revenues of $16.6 billion, slightly above the expected $16.01 billion [5][6] - Delta raised its earnings guidance for Q3 to a range of $1.25-1.75 per share and for the full fiscal year to $5.25-6.25 per share, exceeding analysts' projections [6] - Conagra (CAG) missed fiscal Q4 earnings expectations, reporting 56 cents per share versus the expected 59 cents, with revenues of $2.78 billion below the anticipated $2.84 billion, leading to an 8% drop in shares [7]

Economic Indicators - Initial Jobless Claims decreased for the fourth consecutive week to 227K, down from a near-term high of 250K four weeks ago, marking the lowest level since May 17th [2] - Continuing Claims increased to 1.965 million from a revised 1.955 million, the highest since November 2021, with four of the past five weeks above 1.95 million [3][4] Company Earnings - Delta Air Lines reported Q2 earnings of $2.10 per share, beating expectations by 9 cents, with revenues of $16.6 billion, slightly above the expected $16.01 billion [5][6] - Delta raised its earnings guidance for Q3 to a range of $1.25-1.75 per share and for the full fiscal year to $5.25-6.25 per share, exceeding analysts' projections [6] - Conagra missed fiscal Q4 earnings expectations, reporting 56 cents per share against the expected 59 cents, with revenues of $2.78 billion below the anticipated $2.84 billion, leading to an 8% drop in shares [6]

Financial Data and Key Metrics Changes - The company reported a cumulative increase of over $2 billion in total delivered costs due to sustained inflation over six consecutive years, starting from the second half of fiscal 2021 [8][10] - Fiscal 2026 is expected to see an additional 11% cost increase due to inflation, leading to temporary margin compression [10][11] - The company anticipates a return to margin expansion in the future, particularly in the frozen segment, driven by productivity improvements and pricing actions [11][12] Business Line Data and Key Metrics Changes - The company has prioritized investments in volume growth for frozen and snacks, which have shown a strong consumer response [7][10] - The canned food business is expected to remain stable, focusing on cash generation rather than volume growth [45] Market Data and Key Metrics Changes - The company is experiencing double-digit inflation in animal protein costs, which significantly impacts overall inflation rates [18][19] - The company expects core inflation of 4% for fiscal 2026, with additional tariff-related costs contributing to overall inflation [19][20] Company Strategy and Development Direction - The company is committed to investing in brand building and volume growth despite current inflationary pressures, viewing healthy volumes as essential for long-term value creation [11][12] - A strategic focus on modernizing brands and leveraging technology, including AI, is part of the company's plan to drive growth and lower costs [13][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing inflationary environment and its impact on margins but remains optimistic about future margin recovery through productivity and pricing strategies [10][55] - The company is focused on overcoming supply chain challenges and is optimistic about returning to positive volume growth in key categories [36][55] Other Important Information - The company plans to maintain its dividend while also investing in infrastructure and paying down debt, forecasting a cash flow conversion rate of 90% [24][25] - The company has undergone significant portfolio reshaping, divesting non-strategic businesses to focus on growth areas in frozen and snacks [70][71] Q&A Session Summary Question: Current challenges in the industry - Management indicated that the current challenges are not structural but rather temporary, with expectations for margin expansion in the future [11][12] Question: Core inflation breakdown - The CFO provided details on the 4% core inflation, highlighting that 60% of costs are material, with significant inflation in animal proteins [17][19] Question: Dividend strategy amidst high leverage - Management reiterated their commitment to maintaining the dividend while also focusing on debt reduction and investment in the business [24][25] Question: Pricing strategy in competitive categories - Management discussed their tailored pricing approach, emphasizing the importance of maintaining brand equity and consumer connection [45][66] Question: Innovation impact on pricing - Management highlighted successful innovations, such as the Banquet Mega Chicken Filets, which have allowed for premium pricing despite market challenges [95][98]

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FY25 Performance - FY25 innovation launches generated over $300 million in retail sales[14] - FY25 innovation launches saw a 27% dollar growth compared to FY24 launches[15] - FY25 innovation launches experienced a 36% velocity improvement compared to FY24 launches[15] - Conagra's share of volume sales sold on promotion in Q2 FY25 reached 31%[20] - Conagra's domestic retail organic volume consumption grew by 0.7% in Q2 FY25[25] - 67% of Conagra's portfolio held or gained volume share in Q2 FY25[28] - Net debt reduced by $364 million year-over-year, reaching $8 billion in Q4 FY25[78] FY26 Outlook - FY26 organic net sales are projected to grow between -1% and +1%[83] - FY26 adjusted operating margin is expected to be approximately 110% to 115%[83] - FY26 adjusted EPS is forecasted to be in the range of $170 to $185[83] - Net M&A is expected to subtract approximately $540 million from reported net sales in FY26, while the 53rd week is projected to add approximately $200 million[87]

Core Insights - Conagra Brands, Inc. reported a decrease in net sales for both the fourth quarter and the full fiscal year 2025, with a 4.3% decline in Q4 to $2.8 billion and a 3.6% decline for the full year to $11.6 billion [4][9][14] - The company faced challenges such as higher inflation, foreign exchange headwinds, and supply constraints, but remains committed to its long-term value creation strategy [3][27] - The CEO emphasized a focus on investing in high-potential areas like frozen and snacks, while managing costs and enhancing supply chain resilience [3] Financial Performance - In Q4, gross profit decreased by 12.1% to $707 million, with an adjusted gross profit decrease of 10.7% to $717 million [5] - Selling, general, and administrative expenses (SG&A) decreased by 17.2% to $333 million, primarily due to lower incentive compensation [6] - Net income attributable to Conagra Brands was $256 million, or $0.53 per diluted share, with adjusted net income of $270 million, or $0.56 per diluted share [7] Segment Performance - The Grocery & Snacks segment saw a 2.1% decrease in net sales to $1.2 billion, while operating profit increased by 19.6% to $210 million [11][12] - The Refrigerated & Frozen segment reported a 4.4% decrease in net sales to $1.1 billion, with operating profit at $127 million [13] - The International segment experienced a significant 13.8% decrease in net sales to $230 million, but operating profit increased by 35.6% to $35 million [17][18] Outlook and Guidance - For fiscal 2026, the company anticipates organic net sales growth between -1% to 1%, with adjusted operating margins expected between 11.0% and 11.5% [14][32] - The company expects continued elevated cost of goods sold inflation, estimating a total inflation of approximately 7% due to various factors including tariffs [27] - The guidance includes an adjusted EPS forecast between $1.70 and $1.85 [14][32] Cash Flow and Debt - For the full fiscal year, Conagra generated $1.7 billion in net cash flows from operating activities, down from $2.0 billion in the prior year [24] - The company ended the year with net debt of $8.0 billion, reflecting a 4.4% reduction from the previous year [25] - Dividends paid increased by 1.5% to $669 million [24][26]

Group 1 - Pilgrim's Pride Corporation will release its second quarter 2025 financial results after the U.S. market closes on July 30, 2025 [1] - A conference call and webcast to review the results will take place on July 31, 2025, at 7:00 a.m. MT (9:00 a.m. ET) [1] - The call will include prepared remarks followed by a question and answer session with the executive management team [1] Group 2 - Investors and analysts can pre-register for the webcast to receive a unique PIN for immediate access [2] - Pre-registration can be completed at any time, including during the call [2] - Participants can also register on the day of the event by dialing specific numbers for U.S. and international access [3] Group 3 - The webcast will be available for replay on the company's website two hours after the call and will remain accessible until October 31, 2025 [4] - A telephone replay will also be available until August 31, 2025, using a specific conference number [4] Group 4 - Pilgrim's Pride Corporation employs approximately 62,600 people and operates protein processing plants and prepared foods facilities in 14 states, Puerto Rico, Mexico, the U.K., the Republic of Ireland, and continental Europe [5] - The company's primary distribution channels are through retailers and foodservice distributors [5]

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Core Insights - The article provides a comprehensive overview of the edible oil industry chain in China, detailing its various segments including oilseed cultivation, pressing, refining, packaging, and sales channels [1][5]. Industry Overview - The edible oil industry in China comprises numerous companies, with key producers including Jinlongyu, Shandong Luhua, Shanghai Liangyou, Jingliang Holdings, Jinjian Rice Industry, Xiwang Food, Daodaoquan, and COFCO Technology [2][5]. - The upstream raw materials are sourced from various agricultural enterprises, while downstream consumers include restaurants and e-commerce platforms like JD.com and Alibaba [2]. Regional Distribution - As of May 30, 2025, there are 60,329 registered companies in the edible oil industry chain in China, with Shandong province having the highest number at 5,946, followed by Hunan (5,269), Henan (4,519), and Sichuan (3,762), collectively accounting for 32.3% of the total [5][6]. - The geographical distribution of edible oil companies is closely linked to transportation convenience and agricultural production capabilities [5]. Listed Companies - Among the listed companies in the edible oil sector, 10 have disclosed revenue data related to edible oil, with a concentration in coastal regions. Notable companies include Xiwang Food and Jiahua in Shandong, Daodaoquan and Jinjian Rice Industry in Hunan, and Jinlongyu in Shanghai [6][10]. Industrial Parks - There are nearly 40 industrial parks related to edible oil production in China, primarily located in Sichuan (6 parks), followed by Henan and Zhejiang (4 parks each). Despite Shandong having the most companies, it has only 3 industrial parks, indicating a dispersed nature of edible oil enterprises in the province [10].

Core Insights - Marfrig has achieved over 110% returns since the last analysis, indicating the accuracy of the bullish call made previously [1] Company Overview - Marfrig is highlighted as a significant player in the global equities market, particularly focusing on emerging markets and under-the-radar investment opportunities [1] Analyst Background - The analysis is conducted by a seasoned research analyst with 10 years of experience in investment banking, specializing in industry and company research [1]