18 September 2024
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Market + Management

Conagra Brands: Reports Third Quarter 2024 Results

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.


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