Sector: Consumer Staples|Industry: Packaged Foods|Market Cap: $12.84B|Employees: 19K
Conagra Brands, Inc., together with its subsidiaries, operates as a consumer packaged goods food company primarily in the United States. The company operates through four segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks segment primarily offers shelf stable food products through various retail channels. The Refrigerated & Frozen segment provides temperature-controlled food products through various retail channels. The International segment offers food products in various temperature states through retail and foodservice channels outside of the United States. The Foodservice segment offers branded and customized food products, including meals, entrees, sauces, and various custom-manufactured culinary products packaged for restaurants and other foodservice establishments. The company sells its products under the Birds Eye, Marie Callender's, Duncan Hines, Healthy Choice, Slim Jim, Reddi-wip, Angie's, BOOMCHICKAPOP brands. The company was incorporated in 1919 and is headquartered in Chicago, Illinois.
Net sales decreased to $3,032.9 million from $3,086.5 million in the prior year. This was primarily due to lower consumption trends and increased strategic trade investments.
Diluted earnings per share decreased from $0.71 to $0.64, reflecting lower net income in the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023.
Overall gross profit increased primarily as a result of higher productivity, lower transportation costs, and lower inventory write-offs, partially offset by the net sales declines.