Thu, Jul 11, 8:33 PM (58 days ago)
**Conagra Brands, Inc. Annual Report Summary (Fiscal Year Ended May 26, 2024)** **Financial Performance:** - **Net Sales:** Decreased by 1.8% to $12,050.9 million. - **Net Income:** Declined to $347.2 million from $683.6 million in the prior year. - **Earnings Per Share (EPS):** Dropped to $0.72 from $1.42. - **Operating Profit:** Mixed performance across segments: - **Grocery & Snacks:** Increased by 1.0%. - **Refrigerated & Frozen:** Significant decrease, resulting in a loss. - **International:** Decreased by 19.4%. - **Foodservice:** Increased by 84.8%. **Operating Expenses:** - **SG&A Expenses:** Increased by $291.1 million due to higher payroll, incentive compensation, and restructuring charges. - **Interest Expense:** Increased by 5.1% to $430.5 million. **Strategic Overview:** - Focused on innovation and collaboration to adapt to changing consumer preferences. - Significant impairments in goodwill and intangible assets totaling $956.7 million. **Future Outlook:** - Anticipates moderate input cost inflation and improved supply chain stability. - Expects EPS to improve with strategic investments and cost-saving initiatives. **Risk Factors:** - Economic conditions, including inflation and geopolitical conflicts, pose risks. - Supply chain disruptions and increased competition could impact profitability. - Regulatory changes and cybersecurity threats remain significant concerns. **Financial Condition:** - **Total Debt:** $8.44 billion. - **Cash and Cash Equivalents:** $77.7 million. - **Repayment of Debt:** $1.77 billion during the fiscal year. **Market Position:** - Continues to hold a strong position in the branded food market with well-known brands like Birds Eye, Duncan Hines, and Healthy Choice. **Amendments and Changes:** - Impairments in goodwill and intangible assets significantly impacted net income and EPS.