Conagra Q2 EPS falls 24.1% to $0.60; cuts FY2024 guidance on slower volume recovery

CONAGRA BRANDS INC.

2024-Q2 EPS reported $1.26 revenue$6,112,100,000

Net sales $3.2B, down 3.2% YoY; organic net sales down 3.4% driven by 2.9% volume decline and 0.5% price/mix decrease.
Adjusted EPS $0.71 (down 12.3%); operating margin fell 261 bps to 14.0%; adjusted operating margin 15.9% (down 108 bps).
Grocery & Snacks down 4.1%; Refrigerated & Frozen down 5.8%; International net sales up 8.1% but op. profit down 84% on impairment.
FY2024 guidance lowered: organic net sales -1% to -2% YoY; adjusted EPS $2.60-$2.65; adjusted operating margin ~15.6%.
Management cites slower volume recovery; volumes in domestic retail improved, cutting decline in half vs Q1.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CONAGRA BRANDS INC. reported second quarter of fiscal year 2024, which ended on November 26, 2023 results: revenue $3.2 billion, net income $286 million, EPS $0.60. Guidance reaffirmed.

Period: second quarter of fiscal year 2024, which ended on November 26, 2023
Revenue: $3.2 billion
Net income: $286 million
EPS: $0.60
Guidance: reaffirmed
Result: reported results

Exact text from the filing

reinforced our confidence in investing to build momentum in the second half and set up a strong FY25." Total Company Second Quarter Results In the quarter, net sales were $3.2 billion reflecting: ● a 0.2% increase from the favorable impact of foreign exchange; and ● a 3.4% decrease in organic net sales. The 3.4% decrease in organic net sales was driven by a

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Source: SEC EDGAR

accession 0001437749-24-000509

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