CAG Earnings: Conagra Brands Q4 2024 Earnings Beat Estimates; Sales Fall 2%

Conagra Brands, Inc. (NYSE: CAG), a leading supplier of consumer packaged goods, on Thursday reported a slight decline in fourth-quarter fiscal 2024 adjusted earnings, reflecting a decline in sales.

Net sales fell 2.3% year over year to $2.91 billion in the May quarter. Top line also missed Wall Street expectations. Organic net sales declined 2.4%, weighed down by unfavorable price/mix and volume declines.

As a result, net income, adjusted for special items, decreased to $0.61 per share in Q4 from $0.62 per share in the same quarter a year earlier. On an unadjusted basis, the company reported a net loss of $567.3 million, or $1.18 per share, compared to a profit of $37.5 million, or $0.08 per share, in the same period of 2023.

Sean Connolly, CEO of Conagra Brands, said, “Our investments in our brands continued to deliver results and once again led to volume improvements in our domestic retail business. Progress was most notable in our core Frozen and Snacks domains, where we also saw market share gains.”

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