Exhibit 99.1

 

LOGO

 

  

News Release

 

For more information, please contact:

MEDIA: Mike Cummins

312-549-5257

Michael.Cummins@conagra.com

 

INVESTORS: Brian Kearney

312-549-5002

IR@conagra.com

FOR IMMEDIATE RELEASE

 

 

CONAGRA BRANDS COMPLETES THIRD YEAR OF TRANSFORMATION

WITH STRONG END TO FISCAL 2018

TIME CHANGE: Due to Separately-Announced Agreement to Acquire Pinnacle Foods,

Conagra Brands’ Previously-Scheduled Conference Call Rescheduled to 9:30 AM Eastern Time Today

CHICAGO, June 27, 2018 — Today Conagra Brands, Inc. (NYSE: CAG) reported results for the fourth quarter and full fiscal year 2018, which ended on May 27, 2018. All comparisons are against the prior year fiscal period, unless otherwise noted.

Fourth Quarter Highlights

 

  In the quarter, net sales grew 5.6%, and organic net sales1 grew 2.0%.

 

  Gross margin expanded 85 basis points to 29.3%; adjusted2 gross margin expanded 12 basis points to 29.2%.

 

  Every segment showed operating profit growth and operating margin expansion.

 

  The Refrigerated & Frozen segment continued its strong momentum with 7.9% net sales growth and 5.2% organic net sales growth. This is the segment’s fourth consecutive quarter of organic net sales growth.

 

  Sales trends continue to improve in the Grocery & Snacks segment with 7.1% net sales growth and 1.1% organic net sales growth. The segment has now reported three consecutive quarters of consumption growth.

 

  Diluted earnings per share (EPS) from continuing operations decreased from $0.36 to $0.18 in the quarter, and adjusted diluted EPS from continuing operations grew 35.1% from $0.37 to $0.50.

Full-Year Highlights

 

  For the full fiscal year, net sales grew 1.4%, and organic net sales declined 0.2%, near the high end of the full year guidance range.

 

  Despite higher-than-expected inflation, full year adjusted operating margin was within the original full year guidance range.

 

  For the full fiscal year, EPS from continuing operations increased 56.0% to $1.95, and adjusted diluted EPS from continuing operations grew 21.3% to $2.11.

CEO Perspective

Sean Connolly, president and chief executive officer of Conagra Brands, commented, “Fiscal 2018 marked another year of tremendous progress in our transformation, despite a challenging inflationary environment. The year was further proof that we are squarely on track to deliver on the long-term commitments we presented at our 2016 investor day. Since then, we have improved our sales performance with innovation,

 

1  Organic net sales excludes the impact of foreign exchange and divested businesses, as well as acquisitions (until the anniversary date of the acquisitions). All references to changes in volume and price/mix are based on organic net sales.
2 

“Adjusted” financial measures, including organic net sales, are non-GAAP financial measures. Please see the end of this release for reconciliations to the most directly comparable GAAP financial measures.


The following information was filed by Conagra Brands Inc. (CAG) on Wednesday, June 27, 2018 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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