Conagra Brands Inc. (NYSE: CAG) reported a 58% jump in earnings for the fourth quarter of 2020 as strong e-commerce growth, significant consumer trial, and solid repeat sales, and the initial launches of its fiscal 2021 innovation slate drove the top-line higher. The results exceeded analysts’ expectations.
During the quarter, the company experienced elevated demand, which continued to make good progress on improving the overall business. Conagra’s business benefited from increased at-home eating in the fourth quarter as the elevated retail demand outweighed the reduced foodservice demand.
The company is providing guidance for first-quarter fiscal 2021 of organic net sales growth in the range of 10-13%, adjusted operating margin in the range of 17-17.5%, and adjusted EPS in the range of $0.54-0.59. The company remains on track to deliver its fiscal 2022 algorithm and remains committed to achieving its leverage target of 3.5-3.6 times by the end of fiscal 2021.
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