Conagra Brands, Inc. reported results for the third quarter of fiscal year 2024, which ended on February 25, 2024.
Net sales decreased 1.7% from the prior year quarter, while organic net sales decreased 2.0%. Meanwhile, operating margin was 15.5% representing a 33 basis point decrease over the prior year quarter.
Adjusted operating margin was 16.4% representing a 49 basis point decrease over the prior year quarter. Diluted earnings per share (EPS) was USD0.64, a 9.9% decrease over the prior year quarter.
As per the results, the company is increasing fiscal 2024 adjusted operating margin guidance and reaffirming organic net sales and adjusted EPS guidance.
“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,” said Sean Connolly, president and chief executive officer of Conagra Brands. “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.”
Find out more at: https://www.conagra.com