News Release
ConAgra Foods Fiscal 2012 Second-Quarter EPS Stronger Than Planned; Reaffirms Fiscal 2012 Expectations
Second-quarter Fiscal 2012 Highlights (vs. year-ago amounts):
- Diluted EPS from continuing operations of
$0.41 as reported and$0.47 adjusted for items impacting comparability, down 9% as reported and up 4% on a comparable basis. - Commercial Foods’ sales grew 16%, reflecting pricing actions necessary to cover increased input costs as well as volume growth; operating profit increased 26%, primarily due to strong improvement for the Lamb Weston operations.
- Consumer Foods’ sales increased 4%, reflecting 5% price/mix contribution and a 1% decrease in volume. Operating profit declined 8% as reported and declined 4% on a comparable basis.
- The company acquired
National Pretzel Company , as well as additional shares inAgro Tech Foods, Ltd. , shortly after the end of the quarter. - The company recently announced an increase of
$750 million to its share repurchase authorization. - The company continues to expect fiscal 2012 EPS to reflect a low- to mid-single-digit rate of growth (year-over-year), adjusted for items impacting comparability.
- The company continues to expect operating cash flow in excess of
$1.2 billion for the fiscal year.
Consumer Foods Segment (63% of YTD sales)
Branded and non-branded food sold in retail and foodservice channels.
- Brands posting sales growth for the quarter include Banquet, Chef Boyardee, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, Peter Pan, Reddi-wip, Rosarita, Slim Jim, Snack Pack, Swiss Miss, Van Camp’s, Wesson, Wolf, and others.
- More brand details can be found in the Q&A document accompanying this release.
Operating profit of
The company is encouraged by its pricing progress to date, and remains cautious in its near-term outlook for this segment largely due to upwardly revised estimates for near-term inflation and the possibility of further volume impact given ongoing pricing initiatives. Largely reflecting the timing of inflation and marketing investments, the company expects this segment’s second-half operating profit growth to occur in the fiscal fourth quarter.
Commercial Foods Segment (37% of YTD sales)
Specialty potato, seasonings, blends, flavors, and milled grain products sold to foodservice and commercial channels worldwide.
Sales for the
The segment’s operating profit increased 26% to
As previously communicated, the company expects this segment to post improved year-over-year profitability in the second half of the year.
Hedging Activities – This language primarily relates to operations other than the company’s milling operations.
The company recorded
Other Items
- Corporate expense was
$116 million for the quarter and$74 million in the year-ago period. Current-quarter amounts include$27 million of hedge losses, and year-ago amounts include$9 million of hedge gains. Excluding these amounts, Corporate expense was$89 million for the current quarter and$83 million in the year-ago period. - Equity method investment earnings were
$12 million for the fiscal second quarter, up from$5 million a year ago. The increase reflects better performance for an international potato joint venture. - Net interest expense was
$51 million in the current quarter, compared with$34 million in the year-ago period; interest income from the notes receivable held in connection with the divestiture of the Trading & Merchandising operations benefited year-ago amounts by$19 million . That note was repaid inDecember 2010 . - The effective tax rate for continuing operations for the quarter was 33%. The company expects the effective tax rate for the full fiscal year 2012 to be approximately 34%, excluding items impacting comparability.
Capital Items
- Shortly after quarter-end,
ConAgra Foods closed the following transactions:ConAgra Foods purchasedNational Pretzel Company , a leading private label pretzel company, furthering ConAgra Foods’ product offerings in private label snacks. This fits with the company’s previously stated goal of expanding its private label platform. National Pretzel’s annual sales approach$200 million .ConAgra Foods paid a cash purchase price of approximately$300 million and will receive significant future cash tax benefits associated with how the transaction was structured. The company expects the EPS contribution from this acquisition to be in the range of$0.04 over the next twelve months, with the contribution increasing as that period progresses.- The company increased its stake in
Agro Tech Foods, Limited , ofIndia (ATFL) by purchasing approximately 3.7% of ATFL stock from a third party for approximately$10 million in cash. ATFL has demonstrated good sales and earnings growth over the past 5 years and furthers ConAgra Foods’ goal of expanding internationally.ConAgra Foods now holds a majority interest in, and will prospectively consolidate the financial statements of, this company.ConAgra Foods estimates that consolidating this entity will add approximately$150 million of sales over the next twelve months to theConsumer Foods segment. After the impact of incremental amortization and adjusting for minority interest,ConAgra Foods expects no substantial comparable near-term EPS impact resulting from consolidating this entity.ConAgra Foods expects to record a gain on the transaction, which will be treated as an item impacting comparability, in the fiscal 2012 third quarter.
- During the quarter, the company repaid
$343 million of current portion of long-term debt. As a guiding principle of the company’s capital allocation activities,ConAgra Foods is committed to an investment grade credit rating and a strong balance sheet. - Dividends for the current quarter totaled
$95 million versus$88 million in the year-ago period; the increase reflects a higher dividend rate partially offset by fewer shares outstanding. - The company repurchased approximately 4 million shares of its common stock for approximately
$95 million during the quarter. After quarter-end, the Board of Directors increased the share repurchase authorization by$750 million ; shares are expected to be repurchased periodically over several years, depending on market conditions and other factors, through open market or privately negotiated transactions, and to be funded by cash generated through operations. After the increase, the total share repurchase authorization outstanding was approximately$780 million . - For the current quarter, capital expenditures from continuing operations for property, plant, and equipment were
$65 million , compared with$82 million in the year-ago period. Depreciation and amortization expense from continuing operations was approximately$95 million for the quarter; this compares with a total of$88 million in the year-ago period.
Fiscal 2012 Guidance Reaffirmed – Second-half Details
The company continues to expect fiscal 2012 full-year diluted EPS, adjusted for items impacting comparability, to grow at a low- to mid-single-digit rate over the comparable
Major Items Impacting Second-quarter Fiscal 2012 EPS Comparability
Included in the
- Approximately
$0.04 per diluted share of net expense, or$27 million pretax, related to the mark-to-market impact of derivatives used to hedge input costs, temporarily classified in unallocated Corporate expense. This expense will later be reclassified to the operating segments when underlying hedged items are expensed in segment cost of goods sold. - Approximately
$0.02 per diluted share of net expense, or$16 million (rounded) pretax, related to restructuring activities designed to improve efficiencies.$15 million (rounded) of these are in theConsumer Foods segment ($8 million in cost of goods sold (COGS),$8 million in selling, general, and administrative (SG&A) expense), and$1 million (rounded) are in theCommercial Foods segment (all SG&A).
Included in the
- Approximately
$0.01 per diluted share of net benefit, or$9 million pretax, related to the mark-to-market impact of derivatives used to hedge input costs, temporarily classified in unallocated Corporate expense. This will later be reclassified to the operating segments when underlying hedged items are expensed in segment cost of goods sold. - Approximately
$0.01 per diluted share of expense, or$5 million pretax, related to restructuring plans; this expense is classified within theConsumer Foods segment ($4 million COGS,$1 million SG&A).
Discussion of Results
A rebroadcast of the conference call will be available after
In addition, the company has posted a question-and-answer supplement relating to this release at http://investor.conagrafoods.com.. To view recent company news, please visit http://media.conagrafoods.com..
Note on Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. The company undertakes no responsibility for updating these statements. Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect the company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things: availability and prices of raw materials; including any negative effects caused by inflation; the effectiveness of the company’s product pricing; future economic circumstances; industry conditions; the company’s ability to execute its operating and restructuring plans; the success of the company's innovation, marketing, and cost-saving initiatives; the competitive environment and related market conditions; operating efficiencies; the ultimate impact of the company’s recalls; access to capital; actions of governments and regulatory factors affecting the company’s businesses, including the Patient Protection and Affordable Care Act, the amount and timing of repurchases of the company’s common stock, if any, and other risks described in the company’s reports filed with the
Regulation G Disclosure
Below is a reconciliation of Q2 FY12 and Q2 FY11 diluted earnings per share,
Q2 FY12 & Q2 FY11 Diluted EPS from Continuing Operations - Reconciliation for Regulation G Purposes | ||||||||||||||
|
|
Year-over- | ||||||||||||
year % | ||||||||||||||
Q2 FY12 |
Q2 FY11 |
change | ||||||||||||
Diluted EPS from continuing operations | $ | 0.41 | $ | 0.45 | -9 | % | ||||||||
Items impacting comparability: | ||||||||||||||
Net expense (benefit) related to unallocated mark-to-market impact of derivatives | 0.04 | (0.01 | ) | |||||||||||
Expense related to restructuring charges | 0.02 | 0.01 | ||||||||||||
Diluted EPS adjusted for items impacting comparability | $ | 0.47 | $ | 0.45 | 4 | % | ||||||||
Consumer Foods Segment Operating Profit Reconciliation | ||||||||||||||
|
|
|
Year-over- | |||||||||||
year % | ||||||||||||||
(Dollars in millions) |
Q2 FY12 |
Q2 FY11 |
change | |||||||||||
Consumer Foods Segment Operating Profit | $ | 256 | $ | 279 | -8 | % | ||||||||
Expense related to restructuring charges | 15 | 5 | ||||||||||||
Consumer Foods Segment Adjusted Operating Profit | $ | 271 | $ | 284 | -4 | % | ||||||||
FY11 EPS - Reconciliation for Regulation G Purposes | ||||||||||||||
Total FY11 | ||||||||||||||
Diluted EPS from continuing operations | $ | 1.90 | ||||||||||||
Items impacting comparability: | ||||||||||||||
Expense related to restructuring charges | 0.08 | |||||||||||||
(Benefit) related to unallocated mark-to-market impact of derivatives | (0.05 | ) | ||||||||||||
(Benefit) related to receipt of insurance proceeds from Garner, N.C., accident | (0.15 | ) | ||||||||||||
(Benefit) of gain on early repayment of Trading & Merchandising divestiture-related PIK note | (0.04 | ) | ||||||||||||
Rounding | 0.01 | |||||||||||||
Diluted EPS adjusted for items impacting comparability | $ | 1.75 | ||||||||||||
ConAgra Foods, Inc. | ||||||||||||||
Segment Operating Results | ||||||||||||||
(in millions) | ||||||||||||||
(unaudited) | ||||||||||||||
SECOND QUARTER | ||||||||||||||
13 Weeks Ended | 13 Weeks Ended | |||||||||||||
November 27, 2011 |
November 28, 2010 | Percent Change | ||||||||||||
SALES |
||||||||||||||
Consumer Foods | $ | 2,178.2 | $ | 2,091.4 | 4.2 | % | ||||||||
Commercial Foods | 1,225.7 | 1,056.1 | 16.1 | % | ||||||||||
Total | 3,403.9 | 3,147.5 | 8.1 | % | ||||||||||
OPERATING PROFIT |
||||||||||||||
Consumer Foods | $ | 256.3 | $ | 278.5 | (8.0 | )% | ||||||||
Commercial Foods | 160.8 | 127.4 | 26.2 | % | ||||||||||
Total operating profit for segments | 417.1 | 405.9 | 2.8 | % | ||||||||||
Reconciliation of total operating profit to income from |
||||||||||||||
Items excluded from segment operating profit: | ||||||||||||||
General corporate expense | (115.6 | ) | (74.2 | ) | 55.8 | % | ||||||||
Interest expense, net | (50.6 | ) | (33.7 | ) | 50.1 | % | ||||||||
Income from continuing operations before income taxes |
$ | 250.9 | $ | 298.0 | (15.8 | )% | ||||||||
Segment operating profit excludes general corporate expense, equity method investment earnings, and net interest expense. Management believes such amounts are not directly associated with segment performance results for the period. Management believes the presentation of total operating profit for segments facilitates period-to-period comparison of results of segment operations.
ConAgra Foods, Inc. | ||||||||||||||
Segment Operating Results | ||||||||||||||
(in millions) | ||||||||||||||
(unaudited) | ||||||||||||||
SECOND QUARTER | ||||||||||||||
26 Weeks Ended | 26 Weeks Ended | |||||||||||||
November 27, 2011 |
November 28, 2010 | Percent Change | ||||||||||||
SALES |
||||||||||||||
Consumer Foods | $ | 4,069.9 | $ | 3,902.9 | 4.3 | % | ||||||||
Commercial Foods | 2,406.0 | 2,048.9 | 17.4 | % | ||||||||||
Total | 6,475.9 | 5,951.8 | 8.8 | % | ||||||||||
OPERATING PROFIT |
||||||||||||||
Consumer Foods | $ | 452.5 | $ | 486.2 | (6.9 | )% | ||||||||
Commercial Foods | 258.3 | 240.5 | 7.4 | % | ||||||||||
Total operating profit for segments | 710.8 | 726.7 | (2.2 | )% | ||||||||||
Reconciliation of total operating profit to income from |
||||||||||||||
Items excluded from segment operating profit: | ||||||||||||||
General corporate expense | (233.5 | ) | (153.7 | ) | 51.9 | % | ||||||||
Interest expense, net | (103.5 | ) | (71.0 | ) | 45.8 | % | ||||||||
Income from continuing operations before income taxes and equity |
$ | 373.8 | $ | 502.0 | (25.5 | )% | ||||||||
Segment operating profit excludes general corporate expense, equity method investment earnings, and net interest expense. Management believes such amounts are not directly associated with segment performance results for the period. Management believes the presentation of total operating profit for segments facilitates period-to-period comparison of results of segment operations.
ConAgra Foods, Inc. | ||||||||||||
Consolidated Statements of Earnings | ||||||||||||
(in millions, except per share amounts) | ||||||||||||
(unaudited) | SECOND QUARTER | |||||||||||
13 Weeks Ended | 13 Weeks Ended | |||||||||||
Percent | ||||||||||||
November 27, 2011 | November 28, 2010 | Change | ||||||||||
Net sales | $ | 3,403.9 | $ | 3,147.5 | 8.1 | % | ||||||
Costs and expenses: | ||||||||||||
Cost of goods sold | 2,646.6 | 2,387.5 | 10.9 | % | ||||||||
Selling, general and administrative expenses | 455.8 | 428.3 | 6.4 | % | ||||||||
Interest expense, net | 50.6 | 33.7 | 50.1 | % | ||||||||
Income from continuing operations before income taxes and equity method investment earnings | 250.9 | 298.0 | (15.8 | )% | ||||||||
Income tax expense | 87.7 | 101.4 | (13.5 | )% | ||||||||
Equity method investment earnings | 11.5 | 4.6 | 150.0 | % | ||||||||
Income from continuing operations | 174.7 | 201.2 | (13.2 | )% | ||||||||
Income from discontinued operations, net of tax | - | 0.6 | (100.0 | )% | ||||||||
Net income | $ | 174.7 | $ | 201.8 | (13.4 | )% | ||||||
Less: Net income attributable to noncontrolling interests | 2.9 | 0.9 | 222.2 | % | ||||||||
Net income attributable to ConAgra Foods, Inc. | $ | 171.8 | $ | 200.9 | (14.5 | )% | ||||||
Earnings per share – basic | ||||||||||||
Income from continuing operations | $ | 0.41 | $ | 0.46 | (10.9 | )% | ||||||
Income from discontinued operations | - | - | -- | % | ||||||||
Net income attributable to ConAgra Foods, Inc. | $ | 0.41 | $ | 0.46 | (10.9 | )% | ||||||
Weighted average shares outstanding | 413.6 | 437.8 | (5.5 | )% | ||||||||
Earnings per share – diluted | ||||||||||||
Income from continuing operations | $ | 0.41 | $ | 0.45 | (8.9 | )% | ||||||
Income from discontinued operations | - | - | -- | % | ||||||||
Net income attributable to ConAgra Foods, Inc. | $ | 0.41 | $ | 0.45 | (8.9 | )% | ||||||
Weighted average share and share equivalents
outstanding |
418.6 | 441.6 | (5.2 | )% | ||||||||
ConAgra Foods, Inc. | ||||||||||||
Consolidated Statements of Earnings | ||||||||||||
(in millions, except per share amounts) | ||||||||||||
(unaudited) | SECOND QUARTER | |||||||||||
26 Weeks Ended | 26 Weeks Ended | |||||||||||
Percent | ||||||||||||
November 27, 2011 | November 28, 2010 | Change | ||||||||||
Net sales | $ | 6,475.9 | $ | 5,951.8 | 8.8 | % | ||||||
Costs and expenses: | ||||||||||||
Cost of goods sold | 5,119.9 | 4,540.5 | 12.8 | % | ||||||||
Selling, general and administrative expenses | 878.7 | 838.3 | 4.8 | % | ||||||||
Interest expense, net | 103.5 | 71.0 | 45.8 | % | ||||||||
Income from continuing operations before income taxes and equity method investment earnings | 373.8 | 502.0 | (25.5 | )% | ||||||||
Income tax expense | 131.3 | 168.3 | (22.0 | )% | ||||||||
Equity method investment earnings | 17.7 | 10.8 | 63.9 | % | ||||||||
Income from continuing operations | 260.2 | 344.5 | (24.5 | )% | ||||||||
Income from discontinued operations, net of tax | 0.1 | 3.6 | (97.2 | )% | ||||||||
Net income | $ | 260.3 | $ | 348.1 | (25.2 | )% | ||||||
Less: Net income attributable to noncontrolling interests | 3.2 | 0.8 | 300.0 | % | ||||||||
Net income attributable to ConAgra Foods, Inc. | $ | 257.1 | $ | 347.3 | (26.0 | )% | ||||||
Earnings per share – basic | ||||||||||||
Income from continuing operations | $ | 0.62 | $ | 0.78 | (20.5 | )% | ||||||
Income from discontinued operations | - | - | -- | % | ||||||||
Net income attributable to ConAgra Foods, Inc. | $ | 0.62 | $ | 0.78 | (20.5 | )% | ||||||
Weighted average shares outstanding | 413.0 | 439.7 | (6.1 | )% | ||||||||
Earnings per share – diluted | ||||||||||||
Income from continuing operations | $ | 0.61 | $ | 0.77 | (20.8 | )% | ||||||
Income from discontinued operations | - | 0.01 | (100.0 | )% | ||||||||
Net income attributable to ConAgra Foods, Inc. | $ | 0.61 | $ | 0.78 | (21.8 | )% | ||||||
Weighted average share and share equivalents
outstanding |
418.4 | 443.8 | (5.7 | )% | ||||||||
ConAgra Foods, Inc. | ||||||||||
Consolidated Balance Sheets | ||||||||||
(in millions) | ||||||||||
(unaudited) | ||||||||||
November 27, 2011 |
May 29, 2011 | |||||||||
ASSETS | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 706.5 | $ | 972.4 | ||||||
Receivables, less allowance for doubtful accounts | ||||||||||
of $9.2 and $7.8 | 972.0 | 849.4 | ||||||||
Inventories | 2,032.0 | 1,803.4 | ||||||||
Prepaid expenses and other current assets | 297.3 | 274.1 | ||||||||
Total current assets | (4,007.8 | ) | (3,899.3 | ) | ||||||
Property, plant and equipment, net | 2,603.5 | 2,670.1 | ||||||||
Goodwill | 3,602.5 | 3,609.4 | ||||||||
Brands, trademarks and other intangibles, net | 984.7 | 936.3 | ||||||||
Other assets | 279.9 | 293.6 | ||||||||
$ | 11,478.4 | $ | 11,408.7 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities | ||||||||||
Current installments of long-term debt | $ | 48.3 | $ | 363.5 | ||||||
Accounts payable | 1,404.9 | 1,083.7 | ||||||||
Accrued payroll | 135.4 | 124.1 | ||||||||
Other accrued liabilities | 754.5 | 554.3 | ||||||||
Total current liabilities | 2,343.1 | 2,125.6 | ||||||||
Senior long-term debt, excluding current installments | 2,650.0 | 2,674.4 | ||||||||
Subordinated debt | 195.9 | 195.9 | ||||||||
Other noncurrent liabilities | 1,601.7 | 1,704.3 | ||||||||
Total stockholders' equity | 4,687.7 | 4,708.5 | ||||||||
$ | 11,478.4 | $ | 11,408.7 | |||||||
ConAgra Foods, Inc. | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
(in millions) | ||||||||||
(unaudited) | ||||||||||
Twenty-six weeks ended | ||||||||||
Nov. 27, | Nov. 28, | |||||||||
2011 |
2010 | |||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 260.3 | $ | 348.1 | ||||||
Income from discontinued operations | 0.1 | 3.6 | ||||||||
Income from continuing operations | 260.2 | 344.5 | ||||||||
Adjustments to reconcile income from continuing operations to net cash flows from operating activities: | ||||||||||
Depreciation and amortization | 186.5 | 174.2 | ||||||||
Asset impairment charges | 7.4 | 0.4 | ||||||||
Insurance recoveries recognized related to Garner accident | — | (1.8 | ) | |||||||
Advances from insurance carriers related to Garner accident | — | 10.9 | ||||||||
Distributions from affiliates less than current earnings | (11.2 | ) | (2.7 | ) | ||||||
Proceeds from settlement of interest rate swaps | — | 31.5 | ||||||||
Contributions to pension plans | (71.5 | ) | (112.0 | ) | ||||||
Share-based payments expense | 24.4 | 22.7 | ||||||||
Non-cash interest income on payment-in-kind notes | — | (37.3 | ) | |||||||
Other items | 15.3 | 58.8 | ||||||||
Change in operating assets and liabilities before effects of business acquisitions and dispositions: | ||||||||||
Accounts receivable | (115.1 | ) | (48.0 | ) | ||||||
Inventory | (228.9 | ) | (353.2 | ) | ||||||
Prepaid expenses and other current assets | (23.2 | ) | 59.1 | |||||||
Accounts payable | 347.4 | 207.5 | ||||||||
Accrued payroll | 11.3 | (139.7 | ) | |||||||
Other accrued liabilities | 84.9 | 99.3 | ||||||||
Net cash flows from operating activities – continuing operations | 487.5 | 314.2 | ||||||||
Net cash flows from operating activities – discontinued operations | 2.4 | 4.9 | ||||||||
Net cash flows from operating activities | 489.9 | 319.1 | ||||||||
Cash flows from investing activities: | ||||||||||
Additions to property, plant and equipment | (160.5 | ) | (211.0 | ) | ||||||
Sale of property, plant and equipment | 5.7 | 13.1 | ||||||||
Advances from insurance carriers related to Garner accident | — | 1.5 | ||||||||
Purchase of businesses and intangible assets | (57.5 | ) | (136.0 | ) | ||||||
Net cash flows from investing activities – continuing operations | (212.3 | ) | (332.4 | ) | ||||||
Net cash flows from investing activities – discontinued operations | — | 245.5 | ||||||||
Net cash flows from investing activities | (212.3 | ) | (86.9 | ) | ||||||
Cash flows from financing activities: | ||||||||||
Repayment of long-term debt | (348.1 | ) | (289.3 | ) | ||||||
Repurchase of ConAgra Foods common shares | (84.0 | ) | (200.0 | ) | ||||||
Cash dividends paid | (189.7 | ) | (176.4 | ) | ||||||
Exercise of stock options and issuance of other stock awards | 88.8 | 21.6 | ||||||||
Other items | — | (0.2 | ) | |||||||
Net cash flows from financing activities – continuing operations | (533.0 | ) | (644.3 | ) | ||||||
Net cash flows from financing activities – discontinued operations | — | (0.1 | ) | |||||||
Net cash flows from financing activities | (533.0 | ) | (644.4 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (10.5 | ) | 4.2 | |||||||
Net change in cash and cash equivalents | (265.9 | ) | (408.0 | ) | ||||||
Cash and cash equivalents at beginning of period | 972.4 | 953.2 | ||||||||
Cash and cash equivalents at end of period | $ | 706.5 | $ | 545.2 | ||||||
Source:
ConAgra Foods, Inc.
MEDIA
Teresa Paulsen, 402-240-5210
Vice President, Corporate Communication
or
ANALYSTS
Chris Klinefelter, 402-240-4154
Vice President, Investor Relations
http://www.conagrafoods.com/
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