— Conagra Brands (NYSE: CAG) reported its third-quarter 2020 adjusted earnings of $0.47 per share versus $0.49 per share expected.
— Net sales fell by 5.6% year-over-year to $2.6 billion versus $2.58 billion expected. Organic net sales decreased by 1.7% due to a 1.3% decline in volume and an unfavorable price/mix impact of 0.4%.
— The top-line was hurt by a decline from the divestitures of the Wesson oil business, the Direct Store Delivery snacks business, the Gelit business, and the Lender’s Bagel business, and the exit of the private label peanut butter business.
— Net sales for the Grocery & Snacks segment fell by 10% with the divestiture of the Wesson oil and DSD snacks businesses, and the exit of private label peanut butter subtracting 5.9%.
— Net sales for the Refrigerated & Frozen segment declined by 1.6% with the divestiture of the Gelit and Lender’s Bagel businesses subtracting 1.9%.
— Net sales for the International segment decreased by 3.2% due to the divestiture of the Wesson oil business, the favorable impact of foreign exchange, and lower organic net sales.
— Net sales for the Foodservice segment decreased 8% with the divestitures of the Wesson oil and Lender’s Bagel businesses, and the exit of private label peanut butter subtracting 5.8% of net sales growth.
— The impact that the covid-19 pandemic will have on the company’s fiscal 2020 consolidated results of operations is uncertain. In the near-term, the dynamic nature of the current situation makes it challenging for management to estimate future performance.
— To-date in the fourth quarter, the company has seen significantly increased demand in its retail business. The company has also started to see reduced demand for its foodservice products and expects a 50-60% decline in Foodservice organic net sales in the fourth quarter.
— For the full year 2020, the company now expects net sales growth to be above the high end of the prior range of 10-10.5% and its adjusted EPS to be above the high end of the previous range of $2.00-2.07. Analysts expect EPS of $2.05 on revenue growth of 10.60%.
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