- ConAgra Brands Inc CAG reported second-quarter FY23 sales growth of 8.3% year-on-year to $3.31 billion, beating the consensus of $3.28 billion.
- Grocery & Snacks segment sales increased 6.8% Y/Y to $1.3 billion, and Refrigerated & Frozen segment sales increased 10.5% Y/Y to $1.4 billion.
- Adjusted EPS of $0.81 beat the consensus of $0.66.
- Adjusted gross profit rose 21.7% to $933 million. Gross margin increased 316 basis points to 27.8%, and adjusted gross margin increased 310 basis points to 28.2%.
- Operating margin expanded 320 basis points in the quarter to 16.6%, and adjusted operating margin increased 237 basis points to 17.0%.
- The company reported $372.7 million in selling, general, and administrative expenses, a 7.9% increase Y/Y.
- Adjusted EBITDA of $710 million increased 21.5% Y/Y.
- Cash and equivalents totaled $39.7 million as of November 27, 2022. Cash flow from operating activities for six months totaled $297.8 million.
- CAG's quarterly dividend payment of $0.33 per share will be paid on March 2, 2023, to stockholders of record on January 30, 2023.
- "We are raising our fiscal 2023 guidance on all metrics - organic net sales growth, adjusted operating margin, and adjusted earnings per share due to continued positive business momentum and our strong first half performance," said CEO Sean Connolly.
- Outlook: ConAgra sees FY23 organic net sales growth of 7% - 8% (prior view 4% - 5%).
- ConAgra expects FY23 adjusted EPS of $2.60 - $2.70 (consensus $2.47), representing growth of 10% - 14% (prior view 1% - 5% growth).
- Price Action: CAG shares are trading higher by 3.29% at $39.92 in premarket on the last check Thursday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
