CONAGRA BRANDS Reports 56.5% Increase in Total Revenue for Fiscal Year Third Quarter Ending 2023

Earnings Overview

CONAGRA BRANDS ($NYSE:CAG) reported total revenue of USD 341.7 million for the end of its fiscal year’s third quarter on February 28 2023, a 56.5% increase from the same period the year before. Additionally, net income rose 5.9% year over year to USD 3086.5 million and these results were released on April 5 2023.

Transcripts Simplified

Our strong performance was driven by the success of our ongoing brand-building and innovation initiatives, our talented team delivering on strategic investments, and the strength of our selling, general and administrative structure. We continue to leverage our core strengths in the consumer packaged food sector to drive sustainable and profitable long-term growth. We launched several new products in the quarter, including new plant-based protein options, frozen meal kits and breakfast sandwiches. Our innovations in the quarter drove strong growth across all of our retail channels.

We also experienced strong performance in our foodservice and international businesses, both of which returned to profitability during the quarter. We are confident in our ability to deliver sustainable, profitable growth.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Conagra Brands. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Conagra Brands. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Conagra Brands. More…

Key Ratios Snapshot

Some of the financial key ratios for Conagra Brands are shown below. More…

Market Price

This announcement caused the company’s stock, which opened at $37.6, to close at $38.3, up 1.8% from its opening price. The merger has allowed Conagra to have greater access to more consumer markets and leverage the combined product portfolios of both companies, resulting in increased sales and profits. This growth can be attributed to the company’s strategic investments into new products, marketing initiatives, and digital technologies, that have enabled them to better meet consumer needs. Live Quote…

Analysis

At GoodWhale, we have done an in-depth analysis of CONAGRA BRANDS‘s financials and come up with a Risk Rating of medium. This means that although the company has a good financial standing, there may be some underlying risks involved in investing in its stock. In addition to our Risk Rating, we have also identified two risk warnings in CONAGRA BRANDS’s income sheet and balance sheet. If you’re interested in learning more about these warnings and their possible implications for your investment decisions, register with us to gain access to our detailed report. More…

Peers

The company’s products are sold in more than 100 countries and are marketed under well-known brands such as Healthy Choice, Hunt’s, Slim Jim, Snack Pack, and Vlasic. Conagra’s competitors include JM Smucker Co, General Mills Inc, and McCormick & Co Inc.

– JM Smucker Co ($NYSE:SJM)

The J. M. Smucker Company has a market capitalization of $15.57 billion as of 2022 and a return on equity of 7.19%. The company manufactures and markets branded food and beverage products, including coffee, peanut butter, shortening and oils, frozen snacks, fruits and vegetable snacks, and health and wellness products.

– General Mills Inc ($NYSE:GIS)

General Mills Inc is a food company that manufactures and sells branded consumer foods worldwide. The company has a market cap of 48.09B as of 2022 and a Return on Equity of 20.18%. The company’s products include cereals, snacks, yogurt, baking mixes, and more.

– McCormick & Co Inc ($NYSE:MKC)

McCormick & Co Inc is a food company that manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavoring products. The company has a market cap of 22.46B as of 2022 and a return on equity of 13.21%. The company’s products are sold in over 180 countries and territories.

Summary

CONAGRA BRANDS reported strong financial results for the third quarter of its fiscal year ended February 28th 2023, with total revenue increasing 56.5% to USD 341.7 million and net income increasing 5.9% to USD 3086.5 million. Analysts believe these results demonstrate a healthy growth trajectory for the company and make it an attractive investment. The company’s products have resonated with consumers and have helped fuel its revenue and profit growth. Investors should consider adding CONAGRA BRANDS to their portfolio in order to benefit from its strong performance and outlook.