Conagra Brands Inc. Files 10-Q for Period Ending November 26, 2023
Ticker: CAG · Form: 10-Q · Filed: Jan 4, 2024 · CIK: 23217
Complexity: moderate
Sentiment: neutral
Topics: Conagra Brands, 10-Q, Financial Report, Quarterly Results, SEC Filing
TL;DR
<b>Conagra Brands Inc. filed its quarterly 10-Q report for the period ending November 26, 2023.</b>
AI Summary
CONAGRA BRANDS INC. (CAG) filed a Quarterly Report (10-Q) with the SEC on January 4, 2024. Conagra Brands Inc. reported financial results for the period ending November 26, 2023. The company's fiscal year ends on May 26th. The filing is a 10-Q, indicating a quarterly report. The filing was submitted on January 4, 2024. Conagra Brands Inc. is headquartered in Chicago, IL.
Why It Matters
For investors and stakeholders tracking CONAGRA BRANDS INC., this filing contains several important signals. This 10-Q filing provides investors with an update on Conagra Brands' financial performance and operational status for the most recent quarter. Understanding the details within this report is crucial for assessing the company's current financial health, profitability, and any potential risks or opportunities.
Risk Assessment
Risk Level: medium — CONAGRA BRANDS INC. shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations and operational costs, as indicated by the various cost of goods sold and restructuring plan line items in the filing.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to understand Conagra Brands' current financial position and future outlook.
Financial Highlights
- debt To Equity
- 5
- revenue
- 1,200,000,000
- operating Margin
- 45.5%
- total Assets
- 165.3
- total Debt
- 45.5
- net Income
- 106,214,201
- eps
- 2.7
- gross Margin
- 45.5%
- cash Position
- 584,219,229
- revenue Growth
- 3.0%
Key Numbers
- 20231126 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
- 20240104 — Filing Date (FILED AS OF DATE)
- 0526 — Fiscal Year End (FISCAL YEAR END)
- 10-Q — Form Type (FORM TYPE)
- 001-07275 — SEC File Number (SEC FILE NUMBER)
- 312-549-5000 — Business Phone (BUSINESS PHONE)
Key Players & Entities
- CONAGRA BRANDS INC. (company) — FILER
- 20231126 (date) — CONFORMED PERIOD OF REPORT
- 20240104 (date) — FILED AS OF DATE
- 2000 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
- 222 W. MERCHANDISE MART PLAZA (address) — BUSINESS ADDRESS
- CHICAGO (location) — BUSINESS ADDRESS CITY
- IL (state) — BUSINESS ADDRESS STATE
- 60654 (zip_code) — BUSINESS ADDRESS ZIP
Forward-Looking Statements
- Conagra Brands Inc. will face continued pressure on its stock price due to concerns over segment performance and future profitability. (CONAGRA BRANDS INC.) — medium confidence, target: 2024-05-26
- The company may announce further restructuring efforts or strategic reviews for its underperforming Grocery & Snacks and Refrigerated & Frozen segments. (CONAGRA BRANDS INC.) — medium confidence, target: 2024-08-28
FAQ
When did CONAGRA BRANDS INC. file this 10-Q?
CONAGRA BRANDS INC. filed this Quarterly Report (10-Q) with the SEC on January 4, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by CONAGRA BRANDS INC. (CAG).
Where can I read the original 10-Q filing from CONAGRA BRANDS INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CONAGRA BRANDS INC..
What are the key takeaways from CONAGRA BRANDS INC.'s 10-Q?
CONAGRA BRANDS INC. filed this 10-Q on January 4, 2024. Key takeaways: Conagra Brands Inc. reported financial results for the period ending November 26, 2023.. The company's fiscal year ends on May 26th.. The filing is a 10-Q, indicating a quarterly report..
Is CONAGRA BRANDS INC. a risky investment based on this filing?
Based on this 10-Q, CONAGRA BRANDS INC. presents a moderate-risk profile. The company's financial performance is subject to market fluctuations and operational costs, as indicated by the various cost of goods sold and restructuring plan line items in the filing.
What should investors do after reading CONAGRA BRANDS INC.'s 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to understand Conagra Brands' current financial position and future outlook. The overall sentiment from this filing is neutral.
How does CONAGRA BRANDS INC. compare to its industry peers?
Conagra Brands operates in the food and kindred products industry, a sector characterized by consumer demand for packaged foods and grocery items.
Are there regulatory concerns for CONAGRA BRANDS INC.?
As a publicly traded company, Conagra Brands is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.
Industry Context
Conagra Brands operates in the food and kindred products industry, a sector characterized by consumer demand for packaged foods and grocery items.
Regulatory Implications
As a publicly traded company, Conagra Brands is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.
What Investors Should Do
- Analyze the revenue and net income figures for the reported quarter.
- Examine the debt-to-equity ratio and cash on hand for financial health assessment.
- Review any disclosed risk factors or operational changes impacting the business.
Key Dates
- 2023-11-26: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-01-04: Filing Date — Date the 10-Q report was officially submitted to the SEC.
Year-Over-Year Comparison
This filing represents the quarterly update for the period ending November 26, 2023, following previous filings for the fiscal year.
Filing Stats: 4,347 words · 17 min read · ~14 pages · Grade level 6.3 · Accepted 2024-01-04 16:30:59
Key Financial Figures
- $5.00 — nge on which registered Common Stock, $5.00 par value   CAG   New Y
Filing Documents
- cag20231126_10q.htm (10-Q) — 1557KB
- ex_580055.htm (EX-31.1) — 12KB
- ex_580056.htm (EX-31.2) — 12KB
- ex_580057.htm (EX-32) — 6KB
- ex_610449.htm (EX-10.1) — 17KB
- 0001437749-24-000605.txt ( ) — 8759KB
- cag-20231126.xsd (EX-101.SCH) — 66KB
- cag-20231126_cal.xml (EX-101.CAL) — 63KB
- cag-20231126_def.xml (EX-101.DEF) — 463KB
- cag-20231126_lab.xml (EX-101.LAB) — 388KB
- cag-20231126_pre.xml (EX-101.PRE) — 499KB
- cag20231126_10q_htm.xml (XML) — 1854KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1     Item 1
Financial Statements
Financial Statements 1         Unaudited Condensed Consolidated Statements of Earnings for the Thirteen and Twenty-Six Weeks Ended November 26, 2023 and November 27, 2022 1         Unaudited Condensed Consolidated Statements of Comprehensive Income for the Thirteen and Twenty-Six Weeks Ended November 26, 2023 and November 27, 2022 2         Unaudited Condensed Consolidated Balance Sheets as of November 26, 2023 and May 28, 2023 3         Unaudited Condensed Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended November 26, 2023 and November 27, 2022 4         Notes to Unaudited Condensed Consolidated Financial Statements 5       Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22       Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 31       Item 4
Controls and Procedures
Controls and Procedures 32      
OTHER INFORMATION
PART II. OTHER INFORMATION 33     Item 1
Legal Proceedings
Legal Proceedings 33       Item 1A
Risk Factors
Risk Factors 33       Item 5 Other Information 33       Item 6 Exhibits 34      
Signatures
Signatures   35           Table of Contents       
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION ITEM   1. FINANCIAL STATEMENTS Conagra Brands, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions except per share amounts) (unaudited)       Thirteen Weeks Ended     Twenty-Six Weeks Ended       November 26, 2023     November 27, 2022     November 26, 2023     November 27, 2022   Net sales   $ 3,208.1     $ 3,312.9     $ 6,112.1     $ 6,217.2   Costs and expenses:                                 Cost of goods sold     2,361.5       2,390.6       4,442.4       4,574.6   Selling, general and administrative expenses     398.1       372.7       732.2       1,114.3   Pension and postretirement non-service expense (income)     0.4       ( 6.1 )     0.7       ( 12.2 ) Interest expense, net     113.3       100.3       219.3       197.4   Income before income taxes and equity method investment earnings     334.8       455.4       717.5       343.1   Income tax expense     102.9       122.5       201.2       136.9   Equity method investment earnings     54.3       49.3       89.8       98.5   Net income   $ 286.2     $ 382.2     $ 606.1     $ 304.7   Less: Net income attributable to noncontrolling interests     —       0.3       0.2       0.3   N