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Conagra Brands Inc. (CAG) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, May 29, 2022

Conagra Brands Inc.

CIK: 23217 Ticker: CAG

Exhibit 99.1

 

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News Release

For more information, please contact:

MEDIA: Mike Cummins

312-549-5257

Michael.Cummins@conagra.com

INVESTORS: Melissa Napier

312-549-5738

IR@conagra.com

 

   

F O R   I M M E D I A T E   R E L E A S E

CONAGRA BRANDS REPORTS FY22 FOURTH QUARTER AND FULL-YEAR RESULTS

 

Provides fiscal 2023 guidance

CHICAGO, July 14, 2022— Today Conagra Brands, Inc. (NYSE: CAG) reported results for the fourth quarter and full fiscal year 2022, which ended on May 29, 2022. All comparisons are against the prior-year fiscal period, unless otherwise noted. Certain terms used in this release, including “Organic net sales,” “EBITDA,” “Two-year compounded annualized,” and certain “adjusted” results, are defined under the section entitled “Definitions.” See page 7 for more information.

 

Highlights

Fourth quarter:

 

o

Net sales increased 6.2% and organic net sales increased 6.8%

 

o

Operating margin decreased 310 basis points to 7.4%; adjusted operating margin increased 96 basis points to 15.0%.

 

o

Diluted earnings per share from continuing operations (EPS) for the fourth quarter declined 48.4% to $0.33 and adjusted EPS increased 20.4% to $0.65.

Full year fiscal 2022:

 

o

Net sales increased 3.1% and organic net sales increased 3.8%. On a two-year compounded annualized basis, fiscal 2022 net sales increased 2.1% and organic net sales increased 4.4%.

 

o

Operating margin decreased 421 basis points to 11.7%; adjusted operating margin decreased 312 basis points to 14.4%.

 

o

EPS for fiscal 2022 declined 30.8% to $1.84; adjusted EPS declined 10.6% to $2.36. On a two-year compounded annualized basis, FY22 EPS increased 3.5% and adjusted EPS increased 1.7%.

The Company is providing fiscal 2023 guidance to reflect:

 

o

Organic net sales growth of 4% to 5% compared to fiscal 2022

 

o

Adjusted operating margin of approximately 15%

 

o

Adjusted EPS growth of 1% to 5% compared to fiscal 2022

 

CEO Perspective

Sean Connolly, president and chief executive officer of Conagra Brands, commented, “Throughout fiscal 2022 our team took decisive actions to offset inflation and invest in our business. I'm pleased that our brands continued to resonate with consumers, and we continued to grow share." 

 

He continued, “I was also pleased to see margin improvement materialize in the fourth quarter in Grocery & Snacks and Foodservice. This represents an important inflection that we expect will extend to our Refrigerated & Frozen and International businesses as fiscal 2023 progresses.”

 

 

The following information was filed by Conagra Brands Inc. (CAG) on Thursday, July 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Conagra Brands Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
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Inside Conagra Brands Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Common Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Summary Of Significant Accounting Policies (Tables)
Note 1 - Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Note 1 - Summary Of Significant Accounting Policies - Other Comprehensive Income (Loss) (Details)
Note 1 - Summary Of Significant Accounting Policies - Property, Plant And Equipment Useful Lives (Details)
Note 1 - Summary Of Significant Accounting Policies - Reclassification From Other Comprehensive Income (Loss) To Income (Details)
Note 10 - Other Noncurrent Liabilities
Note 10 - Other Noncurrent Liabilities (Tables)
Note 10 - Other Noncurrent Liabilities - Composition Of Other Noncurrent Liabilities (Details)
Note 11 - Capital Stock
Note 11 - Capital Stock (Details Textual)
Note 12 - Share-Based Payments
Note 12 - Share-Based Payments (Details Textual)
Note 12 - Share-Based Payments (Tables)
Note 12 - Share-Based Payments - Schedule Of Nonvested Share Units Activity (Details)
Note 12 - Share-Based Payments - Schedule Of Performance Share Awards Activity (Details)
Note 12 - Share-Based Payments - Schedule Of Stock Options Activity (Details)
Note 13 - Pre-Tax Income And Income Taxes
Note 13 - Pre-Tax Income And Income Taxes (Details Textual)
Note 13 - Pre-Tax Income And Income Taxes (Tables)
Note 13 - Pre-Tax Income And Income Taxes - Reconciliation Of Income Taxes To The Provision For Income Taxes (Details)
Note 13 - Pre-Tax Income And Income Taxes - Schedule Of Change In Unrecognized Tax Benefits (Details)
Note 13 - Pre-Tax Income And Income Taxes - Schedule Of Pre-Tax Income From Continuing Operation (Details)
Note 13 - Pre-Tax Income And Income Taxes - Schedule Of The Provision For Income Taxes (Details)
Note 13 - Pre-Tax Income And Income Taxes - Schedule Of The Tax Effect Of Temporary Differences And Carryforwards (Details)
Note 14 - Leases
Note 14 - Leases (Details Textual)
Note 14 - Leases (Tables)
Note 14 - Leases - Schedule Of Cash Flows Arising From Lease Transactions (Details)
Note 14 - Leases - Schedule Of Maturities Of Lease Liabilities (Details)
Note 14 - Leases - Schedule Of Operating And Finance Leases Reported In Balance Sheet (Details)
Note 14 - Leases - Schedule Of Weighted-Average Remaining Lease Terms And Weighted-Average Discount Rat (Details)
Note 15 - Contingencies
Note 15 - Contingencies (Details Textual)
Note 16 - Derivative Financial Instruments
Note 16 - Derivative Financial Instruments (Details Textual)
Note 16 - Derivative Financial Instruments (Tables)
Note 16 - Derivative Financial Instruments - Schedule Of Derivative Assets And Liabilities And Amounts Representing Right To Reclaim Or Obligation To Return Cash Collateral (Details)
Note 16 - Derivative Financial Instruments - Schedule Of Derivative Assets And Liabilities On A Gross Basis (Details)
Note 16 - Derivative Financial Instruments - Schedule Of Location And Amount Of Gain (Loss) From Derivatives Not Designated As Hedging Instruments (Details)
Note 17 - Pension And Postretirement Benefits
Note 17 - Pension And Postretirement Benefits (Details Textual)
Note 17 - Pension And Postretirement Benefits (Tables)
Note 17 - Pension And Postretirement Benefits - Other Changes In Plan Assets And Benefit Obligations (Details)
Note 17 - Pension And Postretirement Benefits - Schedule Of Changes In Benefit Obligations And Plan Asset (Details)
Note 17 - Pension And Postretirement Benefits - Schedule Of Contributions For Plans That Are Not Individually Significant (Details)
Note 17 - Pension And Postretirement Benefits - Schedule Of Estimated Future Gross Benefit Payments (Details)
Note 17 - Pension And Postretirement Benefits - Schedule Of Funded Status And Amounts Recognized (Details)
Note 17 - Pension And Postretirement Benefits - Schedule Of Projected Benefit Obligation, Accumulated Benefit Obligation, And Fair Value Of Plan Assets (Details)
Note 17 - Pension And Postretirement Benefits - Weighted Average Actuarial Assumption Used To Determine Net Expense (Details)
Note 17 - Pension And Postretirement Benefits- Schedule Of Assumed Health Care Cost Trend Rates (Details)
Note 17 - Pension And Postretirement Benefits- Schedule Of Pension Plan Weighted-Average Asset Allocations And Target Asset Allocations (Details)
Note 18 - Fair Value Measurements
Note 18 - Fair Value Measurements (Details Textual)
Note 18 - Fair Value Measurements (Tables)
Note 18 - Fair Value Measurements - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Note 19 - Business Segments And Related Information
Note 19 - Business Segments And Related Information (Details Textual)
Note 19 - Business Segments And Related Information (Tables)
Note 19 - Business Segments And Related Information - Presentation Of Derivative Gains (Losses) From Economic Hedges Of Forecasted Cash Flows In Segment Results (Details)
Note 19 - Business Segments And Related Information - Segment Reporting Information By Segment (Details)
Note 2 - Restructuring Activities
Note 2 - Restructuring Activities (Details Textual)
Note 2 - Restructuring Activities (Tables)
Note 2 - Restructuring Activities - Restructuring Plan Expenses (Details)
Note 2 - Restructuring Activities - Restructuring Plan Liabilities Recorded (Details)
Note 3 - Long-Term Debt
Note 3 - Long-Term Debt (Details Textual)
Note 3 - Long-Term Debt (Tables)
Note 3 - Long-Term Debt - Long Term Debt Maturities (Details)
Note 3 - Long-Term Debt - Schedule Of Debt (Details)
Note 3 - Long-Term Debt - Schedule Of Net Interest Expense (Details)
Note 4 - Credit Facilities And Borrowings
Note 4 - Credit Facilities And Borrowings (Details Textual)
Note 5 - Divestitures And Assets Held For Sale
Note 5 - Divestitures And Assets Held For Sale (Details Textual)
Note 5 - Divestitures And Assets Held For Sale (Tables)
Note 5 - Divestitures And Assets Held For Sale - Assets And Liabilities Held For Sale (Details)
Note 5 - Divestitures And Assets Held For Sale - Assets And Liabilities Held For Sale (Details) (Parentheticals)
Note 6 - Investments In Joint Ventures
Note 6 - Investments In Joint Ventures (Details Textual)
Note 6 - Investments In Joint Ventures (Tables)
Note 6 - Investments In Joint Ventures - Equity Method Investments (Details)
Note 7 - Goodwill And Other Identifiable Intangible Assets
Note 7 - Goodwill And Other Identifiable Intangible Assets (Details Textual)
Note 7 - Goodwill And Other Identifiable Intangible Assets (Tables)
Note 7 - Goodwill And Other Identifiable Intangible Assets - Change In Carrying Amount Of Goodwill (Details)
Note 7 - Goodwill And Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Details)
Note 7 - Goodwill And Other Identifiable Intangible Assets - Schedule Of Future Amortization Expense (Details)
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share (Details Textual)
Note 8 - Earnings Per Share (Tables)
Note 8 - Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Note 9 - Inventories
Note 9 - Inventories (Tables)
Note 9 - Inventories - Inventory By Major Class (Details)
Ticker: CAG
CIK: 23217
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-017530
Submitted to the SEC: Thu Jul 21 2022 4:31:57 PM EST
Accepted by the SEC: Thu Jul 21 2022
Period: Sunday, May 29, 2022
Industry: Food And Kindred Products

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