Conagra Brands, Inc. (NYSE: CAG), a leading provider of consumer packaged goods, on Thursday reported lower sales and adjusted profit for the third quarter of 2024.
Net sales decreased 1.7% year-over-year to $3.03 billion in the February quarter. Organic net sales dropped 2.0%, hurt by the negative impact of unfavorable price/mix and a decline in volumes.
As a result, net income, adjusted for special items, decreased to $0.69 per share during the three months from $0.76 per share in the year-ago quarter. Unadjusted profit declined to $308.6 million or $0.64 per share in Q3 from $341.7 million or $0.71 per share in the same period of 2023.
Sean Connolly, CEO of Conagra Brands, said, “Our Q3 results demonstrate steady progress stemming from strong execution. Volume trends in our domestic retail business continued to improve as targeted investments, particularly in frozen, generated strong lifts and unit share gains. Outstanding progress on our cost savings initiatives allowed us to support strategic investments in our brands while sustaining margin recovery.”