Conagra Brands Inc. (NYSE: CAG) this week released its results for the fourth quarter and full year 2021, which ended May 30, 2021.
- Net sales were down 16.7% and organic net sales were down 10.1% due to the sharp increase in home food consumption in the previous year at the start of the COVID-19 pandemic. On a two-year compound annualized basis, fiscal 2021 fourth quarter net sales increased 2.4% and organic net sales increased 4.5%.
- The operating margin fell 143 basis points to 10.5%; adjusted operating margin decreased 311 basis points to 14%.
- Diluted earnings per share from continuing operations (EPS) for the fourth quarter increased 56.1% to $ 0.64, and adjusted EPS decreased 28.0% to $ 0.54. On a two-year compound annualized basis, fourth quarter EPS increased 56.9% and adjusted EPS increased 22.5%.
Fiscal year 2021:
- Net sales increased 1.2% and organic net sales increased 5.1%. Organic net sales benefited from strong growth in each of the company’s three reporting segments. On a two-year compounded annualized basis, fiscal 2021 net sales increased 8.3% and organic net sales increased 5.4%.
- The operating margin increased by 279 basis points to 15.9%; adjusted operating margin increased 101 basis points to 17.5%.
- EPS for fiscal 2021 increased 54.7% to $ 2.66; Adjusted EPS rose 15.8% to $ 2.64. Over two years, adjusted EPS increased 14.6%.
Sean Connolly, President and CEO of Conagra Brands, commented: âI am very proud of the way the entire Conagra Brands team has responded to the dynamic environment of fiscal 2021. Our strong results – at both in absolute terms and compared to the competition – reflect the dedication of the team. to perform the Conagra Way every day. We have successfully responded to increased consumer demand while continuing to invest in the long-term health of the business. Our business remains very strong and we believe we are well positioned to continue winning with consumers. “
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