Chicago / IL. (cag) ConAgra Brands Inc. reported results for the third quarter of fiscal year 2024, which ended on February 25, 2024. All comparisons are against Q3-2023, unless otherwise noted. Highlights:
- Net sales decreased 1.7 percent from the prior year quarter; organic net sales decreased 2.0 percent
- Operating margin was 15.5 percent representing a 33 basis point decrease over the prior year quarter. Adjusted operating margin was 16.4 percent representing a 49 basis point decrease over the prior year quarter.
- Diluted earnings per share (EPS) was USD 0.64, a 9.9 percent decrease over the prior year quarter. Adjusted EPS was USD 0.69, a 9.2 percent decrease over the prior year quarter.
- The company is increasing fiscal 2024 adjusted operating margin guidance and reaffirming organic net sales and adjusted EPS guidance.
Chief Executive’s Perspective
President and chief executive officer Sean Connolly: «Our Q3 results demonstrate steady progress stemming from strong execution. Volume trends in our domestic retail business continued to improve as targeted investments, particularly in frozen, generated strong lifts and unit share gains. Outstanding progress on our cost savings initiatives allowed us to support strategic investments in our brands while sustaining margin recovery. We also continued to deliver substantial improvements in free cash flow enabling us to meaningfully reduce our net leverage ratio over the first three quarters of 2024. Our long-term focus remains on executing our strategic priorities and generating value for our shareholders.»
For additional information please read the Company’s PDF file below (141 KB):
20240406-CONAGRA-Q32024.OTHER TOPICS FROM THIS SECTION FOR YOU:
- Utz: Announces Opening of Rice Distribution Center
- Red Robin: announces investment and director appointments
- Greencore PLC: announces Full Year and Q4-2024 Results
- Smucker Company: announces Q2 fiscal 2025 results
- Goodfood: Reports Fiscal Year and Fourth Quarter 2024 Results
- Yum China: Launches Digital Supplier Recruitment Platform
- Clairvest Group: Invests in Redstone Food Group
- Post Holdings: Reports Q4 and Fiscal Year 2024 Results
- Instacart: Announces Q3-2024 Shareholder Letter
- Arcos Dorados: Reports Q3-2024 Financial Results
- WK Kellogg: announces Q3-2024 financial results
- Campbells: Shareholders Approve Company Name Change
- SSP: signs deal to operate new outlets at Vilnius airport
- Coffee Holding: Announces Purchase of Empire Coffee
- Hershey: Expands Sweets Portfolio with Acquisition
- DPC Dash: Celebrates Opening of its 1’000th Store in China
- Kerry Group: intends to sell Kerry Dairy Ireland
- Turpaz acquires German flavor company Schumann
- Flowers Foods: Reports Third Quarter 2024 Results
- Campbells: to Sell Yoghurt Business to Lakeview Farms
