The 5 Most Interesting Analyst Questions From Conagra's Q4 Earnings Call

Conagra’s fourth quarter was marked by weaker sales volumes and a significant drop in operating margin, with the market reacting negatively to the results. Management attributed the year-over-year sales decline to persistent supply constraints in frozen foods, delayed seasonal demand, and a competitive promotional environment. CEO Sean Connolly noted that, “Our goal this quarter in Frozen was to reclaim the market share that we basically loaned out to a competitor when we had supply constraints beginning last winter.” The company also faced continued inflationary pressures in key protein inputs, which weighed on profitability.

Is now the time to buy CAG? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Conagra’s Q4 Earnings Call

• Andrew Lazar (Barclays): Asked whether improved merchandising and innovation would drive positive organic sales in the next quarter. CEO Sean Connolly replied that organic net sales growth is expected in the second half, citing momentum across key categories.
• Peter Galbo (Bank of America): Questioned the impact of competitors’ price cuts on Conagra’s strategy. Connolly emphasized that Conagra has maintained pricing discipline, preferring targeted promotions over broad price reductions.
• Max Gumford (BNP): Inquired about the potential for gross margin to recover to pre-pandemic levels. Connolly stated the company expects margin expansion, particularly in frozen, driven by productivity, inflation relief, and supply chain improvements.
• Alexia Howard (Bernstein): Sought clarity on innovation and alignment with health trends. Connolly highlighted increasing emphasis on protein, clean labels, and value-oriented products, with a focus on attracting younger consumers.
• Scott Marks (Jefferies): Asked about the margin impact of repatriating chicken production. CFO Dave Marberger confirmed the transition is on track and incorporated into current margin guidance.

Catalysts in Upcoming Quarters

In the quarters ahead, the StockStory team will be closely watching (1) the pace of volume recovery in frozen and snacks as supply and merchandising normalize, (2) the effectiveness of Project Catalyst in delivering tangible margin and efficiency gains, and (3) the ability to offset input cost pressures through productivity and innovation. Ongoing competitive pricing dynamics and consumer health trends will also remain key areas of focus.

Conagra currently trades at $17.08, down from $17.80 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free for active Edge members).

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