Q2 2026 Conagra Brands Inc Earnings Call (Pre-Recorded) Transcript
Key Points
- Conagra Brands Inc (CAG) reported strong performance in its frozen and snacks segments, with strategic investments driving volume growth.
- The company achieved record service levels in its supply chain, with approximately 99% service levels in Q2.
- Project Catalyst, a new initiative leveraging AI and data, is expected to unlock significant value across Conagra Brands Inc (CAG)'s operations.
- Conagra Brands Inc (CAG) reaffirmed its fiscal 2026 guidance, showing confidence in returning to organic net sales growth in the second half.
- The snacks business, particularly protein-centric snacks like Slim Jim and FATTY, showed strong volume and dollar growth, outperforming competitors.
- Conagra Brands Inc (CAG) experienced a 3% decline in organic net sales for Q2, impacted by lower volumes and flat price mix.
- Adjusted earnings per share decreased by $0.25 compared to the previous year, reflecting lower adjusted operating profit.
- The company faced challenges due to unseasonal weather and a government shutdown, which affected consumption and retailer inventory dynamics.
- Inflation remained elevated, with proteins such as beef, pork, and eggs continuing to be key areas of cost pressure.
- Ardent Mills, a joint venture, saw reduced commodity trading revenue, leading to a downward revision in expected adjusted equity earnings.
Good morning. Thank you for listening to our prepared remarks for the Conagra Brands second quarter fiscal 2026 earnings. At 9:30 Eastern this morning, we will hold a separate live question-and-answer session on today's results, which you can access via webcast on our investor relations website. Our press release, presentation materials, and a transcript of these prepared remarks are also available there.
In our presentation this morning, Sean Connolly, our CEO; and Dave Marberger, our CFO, will be making some forward-looking statements. And while we're making those statements in good faith based on current information, we don't have any guarantee about the results we'll achieve.
Descriptions of our risk factors are included in our filings with the SEC. We'll also be discussing some non-GAAP financial measures. GAAP to non-GAAP reconciliations and information on our comparability items are in our earnings release and presentation materials in the investor relations section of our website.
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