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ConAgra Brands Inc. (CAG-1.73%) has submitted its 10-Q filing for the quarterly period ended November 24, 2024.
The filing reports net sales of $3.195 billion for the quarter, a slight decrease from $3.208 billion in the previous year. The Grocery & Snacks segment saw a 2.0% increase in net sales, while Refrigerated & Frozen remained flat. International and Foodservice segments experienced declines of 12.9% and 0.9%, respectively.
Operating profit for the quarter was $472.5 million, down from $543.3 million in the same period last year. The decrease was primarily due to reduced profits in the Refrigerated & Frozen and Foodservice segments.
Net income attributable to ConAgra Brands was $284.5 million, slightly down from $286.2 million in the previous year. Diluted earnings per share were $0.59, compared to $0.60 in the prior year.
SG&A expenses increased to $444.1 million from $398.1 million, influenced by restructuring charges and brand impairment costs.
ConAgra's cash flow from operations was $754.2 million for the first half of fiscal 2025, down from $854.6 million in the previous year. The decrease was attributed to lower operating profits and changes in working capital.
The company reported $849.0 million outstanding under its commercial paper program as of November 24, 2024, with no borrowings under its $2.0 billion revolving credit facility.
ConAgra's effective tax rate for the quarter was 17.8%, compared to 26.5% in the same quarter last year. The decrease was due to the release of valuation allowances on deferred tax assets.
The filing also details recent acquisitions, including Sweetwood Smoke & Co. and a co-manufacturer of cooking spray products, which contributed to the Grocery & Snacks segment's net sales.
ConAgra anticipates capital expenditures of approximately $450 million for fiscal 2025 and continues to evaluate refinancing opportunities for its debt.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ConAgra Brands Inc. quarterly 10-Q report dated December 19, 2024. To report an error, please email earnings@qz.com.