Conagra Brands reported strong fourth-quarter results, with net sales increasing by 25.8% and adjusted EPS more than doubling. The company benefited from increased at-home eating due to the COVID-19 pandemic, which boosted retail demand and offset reduced foodservice demand. Conagra exceeded its free cash flow guidance and reduced its leverage ratio.
Net sales increased 25.8%, with organic net sales up 21.5%, driven by double-digit growth in all three retail segments.
Diluted EPS grew 57.7% to $0.41, and adjusted EPS more than doubled to $0.75.
The company reduced total debt by $271 million and net debt by $725 million, progressing against deleveraging commitments.
Guidance for first quarter fiscal 2021 includes organic net sales growth of 10% to 13% and adjusted EPS in the range of $0.54 to $0.59.
Conagra provided first quarter fiscal 2021 guidance, expecting organic net sales growth of 10% to 13% and adjusted EPS of $0.54 to $0.59. The company anticipates retail and foodservice demand levels to trend toward historical norms as the fiscal year progresses.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance