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Conagra Reports on a Strong Second Quarter

Conagra Reports on a Strong Second Quarter


CHICAGO, IL
Monday, December 23rd, 2019

Snacking is behind the wheel of business success, and it's driving Conagra Brands down the fast lane. The company recently reported its Q2 financial results, noting that brands like Slim Jim and Healthy Choice were instrumental in its growth.

Sean Connolly, President and Chief Executive Officer, Conagra“Our second quarter results reflect solid execution in applying the Conagra Way playbook across our portfolio,” stated Sean Connolly, President and Chief Executive Officer, in a recent press release. “We maintained our strong momentum in frozen and snacks. We also made good progress on our large grocery brands, Hunt's and Chef Boyardee, both of which made sequential improvements. We also continued to make very good progress on the Pinnacle integration, and we remain squarely on-track with our plans to improve key Pinnacle brands.”

He continued, noting that, “Our expectation for fiscal 2020 remains that first-half investments will result in strong second-half performance. The second-half is when we expect to see the greatest impact from new frozen and snacks innovation, continued smart promotional support in key grocery brands, the ongoing implementation of our Pinnacle action plan, and synergy capture."

Conagra recently reported its Q2 financial results, noting that brands like Slim Jim and Healthy Choice were instrumental in its growth

Highlights from the report included:

  • A 19.6-percent increase from the acquisition of Pinnacle
  • The company's integration of Pinnacle remained on-track in the quarter, with approximately $42 million of incremental cost synergies realized in the quarter, bringing total cumulative cost synergy realization to $112 million from the closing of the acquisition through the end of the second quarter
  • A 1.6-percent increase in organic net sales
  • Second quarter net sales increased 18.3 percent; organic net sales increased 1.6 percent, with positive organic net sales growth in each reporting segment

To read the financial report in its entirety, click here.

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Conagra Brands
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