Conagra's Focus on Innovation and Brand Investments Support Solid 3Q Volume Performance
Narrow-moat Conagra's shares were up around 13% on strong third-quarter results, with organic sales up nearly 2%, including a 1.2% contribution from price/mix, and adjusted operating margin expanding 130 basis points to above 16%. Retail sales for the legacy Conagra business, excluding the Pinnacle acquisition, grew nearly 3% on a two-year stacked basis, marking the second quarter in a row that this metric was positive. This performance tracks in line with our longer-term outlook, which calls fo...Conagra Brands is a packaged goods food company. The company's segments are: Grocery and Snacks, which includes branded, shelf stable food products sold in various retail channels; Refrigerated and Frozen, which includes branded, temperature controlled food products sold in various retail channels; International, which includes branded food products sold in retail and foodservice channels outside of the U.S.; Foodservice, which includes customized food products for sale to restaurants and other foodservice establishments; Pinnacle Foods, which includes and private-label food products; and Commercial Foods, which included commercially branded and private label food and ingredients, among others.
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