Conagra Brands (NYSE: CAG): Q2 2020 Earnings Snapshot

— Conagra Brands (NYSE: CAG) reported adjusted earnings of $0.63 per share for the second quarter of 2020, vs. $0.57 per share expected.

— Net income attributable to Conagra Brands increased to $260.5 million or $0.53 per share from $131.6 million or $0.31 per share last year

— Second-quarter net sales increased 18.3% to $2.82 billion, vs. $2.8 billion expected; organic net sales increased by 1.6%

— The integration of Pinnacle remained on-track, with around $42 million of incremental cost synergies realized during the quarter

— Updated total targeted annual cost synergies for the Pinnacle acquisition from $285 million to $305 million, by the end of fiscal 2022

— Adjusted EBITDA increased 17.2% to $610 million in the quarter

— Expects organic net sales growth to be 1%-1.5% in fiscal 2020; sees full-year reported net sales growth between 12.4% and 12.9%

— Expects adjusted earnings from continuing operations to be in the range of $2.07 per share to $2.17 per share in fiscal 2020

— Looking for full-year free cash flow that is slightly below $1 billion, which is unchanged from the prior guidance