ConAgra Brands Q1 Earnings Surpass Street View

• ConAgra Brands Inc (NYSE: CAG) reported first-quarter FY23 sales growth of 9.5% year-on-year to $2.90 billion, beating the consensus of $2.85 billion.

• Grocery & Snacks segment sales increased 10.5% Y/Y to $1.2 billion, and Refrigerated & Frozen segment sales increased 9.6% Y/Y to $1.2 billion.

• Adjusted EPS of $0.57 beat the consensus of $0.52.

• Adjusted gross profit rose 7.1% to $723 million. The gross margin decreased 58 basis points Y/Y to 24.8%, and the adjusted gross margin decreased 54 basis points to 24.9%.

• Adjusted operating margin contracted 40 basis points Y/Y to 13.7%.

• The company reported $741.6 million in selling, general, and administrative expenses, a 139.1% jump Y/Y.

• Adjusted EBITDA of $547 million increased 9.1% Y/Y.

• Cash and equivalents totaled $67.4 million as of August 28, 2022.

• Outlook, reaffirmed: Conagra sees FY23 organic net sales growth of 4% - 5%.

• Conagra expects FY23 adjusted EPS growth of 1% - 5% and an adjusted operating margin of about 15%.

• Price Action: CAG shares are trading lower by 1.97% at $33.13 on the last check Thursday.

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