Conagra Q1: adjusted EPS $0.57 beats; GAAP loss $0.16 on $386M impairment; reaffirms FY outlook

CONAGRA BRANDS INC.

2023-Q1 EPS reported -$0.16 revenue$2,904,300,000

Net sales $2.9B (+9.5% YoY); organic net sales +9.7% driven by 14.3% price/mix partially offset by 4.6% volume decline.
GAAP diluted loss per share $0.16 due to $386M non-cash goodwill and brand impairment, largely from higher discount rate; adjusted EPS $0.57 vs $0.50 prior year.
Refrigerated & Frozen segment had operating loss of $216M on impairment; adjusted operating profit +8% to $176M. Impairment includes $244M for Bird's Eye brand.
Company reaffirmed FY2023 guidance: organic net sales growth 4-5%, adjusted operating margin ~15%, adjusted EPS growth 1-5%.
Ardent Mills JV earnings $49M (+$29M YoY) driven by favorable wheat market conditions. Quarter-end dividend increased to $0.33/share.

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