"Conagra Brands Faces Earnings Turbulence in Q2 2024 with Mixed Results and Revised Guidance"

Conagra Brands, Inc. reported a decrease in net sales by 3.2% and organic net sales by 3.4% for the second quarter of fiscal year 2024. Operating margin and adjusted operating margin also saw declines, with diluted EPS dropping by 24.1% to $0.60 and adjusted EPS by 12.3% to $0.71. The company has revised its fiscal 2024 guidance, expecting a decrease in organic net sales between 1.0% and 2.0%, an adjusted operating margin of approximately 15.6%, and an adjusted EPS between $2.60 and $2.65. Despite the challenging macro environment, the CEO noted positive signs, including improved volume trends in domestic retail and market share gains in the frozen business.