Conagra(US:CAG)2024-04-04 11:00Financial Performance - Organic net sales decreased by 2% compared to the previous year, reaching $3,024 million[11, 48] - Adjusted gross margin improved by 52 bps to 28.7%[11, 45] - Adjusted operating margin decreased by 49 bps to 16.4%[11, 45] - Adjusted EPS decreased by 9.2% to $0.69[11, 45] Cost Savings and Cash Flow - Year-to-date cost savings amounted to 4% of Total Cost of Goods Sold[10, 13] - Year-to-date free cash flow conversion was 124%[10, 59] - Net leverage ratio decreased from 3.65x to 3.44x[39, 57] Segment Performance - Grocery & Snacks net sales increased by 3.4%[48] - Refrigerated & Frozen net sales decreased by 8.1%[48] - International net sales increased by 1%[37, 48] - Foodservice net sales decreased by 1%[37, 48] Investments and Innovation - Increased advertising & promotion (A&P) investment by 6.5%, representing 2.8% of net sales[45] - Conagra's portfolio holding or gaining unit share increased by 12 percentage points to 51.9%[23] Updated Guidance - Organic net sales growth is projected to be between -1% and -2% for fiscal year 2024[41, 60] - Adjusted operating margin is expected to be approximately 15.8% for fiscal year 2024[41, 60] - Adjusted EPS is projected to be between $2.60 and $2.65 for fiscal year 2024[41, 60]