ConAgra's Profits Edge Up, but Sales Constrained by Continued Volume Degradation; Shares Rich
Narrow-moat ConAgra’s second-quarter results told a similar story to the recent past, as volume remained under pressure, down 7% on a mere 1% benefit from higher prices and favorable mix, while margins expanded--adjusted gross margins popped 250 basis points to 31.1% and adjusted operating margins jumped 350 basis points to 17%. We don’t believe efforts to raise prices and improve mix will yield the long-term gains ConAgra targets, given that the company still operates with a portfolio of second...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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