Conagra Brands (CAG) Q4 FY2024 earnings: revenue $2.9 billion, down 2.3% on the year

Conagra Brands Inc. (CAG) reported revenue of $2.9 billion for Q4 FY2024, the quarter ended 26 May 2024, down 2.3% on the same quarter a year earlier. Net income was -$567 million, and diluted earnings per share $-1.18. The figures are the company's own, from the 10-K it filed with the SEC on 11 July 2024.

Revenue$2.9 billiondown 2.3%

Net income-$567 million

Diluted EPS$-1.18

QuarterQ4 FY2024ended 26 May 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	2,906	3,033	n/a	n/a
Cost of revenue	2,101	2,174	n/a	n/a
Gross profit	805	859	n/a	n/a
Gross margin	27.7%	28.3%	n/a
Selling, general and administrative	1,361	387	n/a	n/a
Operating income	-472	578	n/a	n/a
Operating margin	-16.3%	19.1%	n/a
Pre-tax income	-602	405	n/a	n/a
Income tax	-34.6	95.9	n/a	n/a
Effective tax rate	n/a	23.7%	n/a
Net income	-567	309	n/a	n/a
Net margin	-19.5%	10.2%	n/a
Diluted EPS	-$1.18	$0.64	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	484	677	n/a	n/a
Capital expenditure	78.5	95.6	n/a	n/a
Free cash flow	406	581	n/a	n/a
Free cash flow margin	14.0%	19.2%	n/a
Cash from investing	-79.4	-91.7	n/a	n/a
Cash from financing	-406	-567	n/a	n/a
Depreciation and amortisation	109	95.8	n/a	n/a
Share-based compensation	12.1	15.2	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Dividends paid	167	167	n/a	n/a
Dividend per share	n/a	$0.35	n/a	n/a
Diluted shares, weighted	480m	480m	n/a	n/a
Shares outstanding at period end	478m	478m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Shareholders' equity	8,440	9,155	n/a	n/a
Non-controlling interest	70.9	70.6	n/a	n/a
Short-term borrowings	928	166	n/a	n/a
Debt	7,510	8,510	n/a	n/a
Operating lease liabilities	172	n/a	n/a	n/a
Finance lease liabilities	254	n/a	n/a	n/a
Other liabilities	3,487	4,018	n/a	n/a
Total liabilities and equity	20,862	21,920	n/a	n/a
Fixed assets	2,897	2,877	n/a	n/a
Goodwill	10,583	11,110	n/a	n/a
Intangible assets	2,708	3,152	n/a	n/a
Securities held for sale or to maturity	2.9	3.5	n/a	n/a
Cash and equivalents	77.7	78.5	n/a	n/a
Receivables	872	916	n/a	n/a
Inventory	2,083	2,143	n/a	n/a
Other assets	1,639	1,639	n/a	n/a
Total assets	20,862	21,920	n/a	n/a

Questions

What was Conagra Brands' revenue in Q4 FY2024?

Conagra Brands (CAG) reported revenue of $2.9 billion for Q4 FY2024, the quarter ended 26 May 2024, down 2.3% on the same quarter a year earlier.

How much did Conagra Brands earn in Q4 FY2024?

Net loss for Q4 FY2024 was $567 million, and the diluted loss per share $1.18.

When did Conagra Brands report Q4 FY2024 results?

Conagra Brands filed its 10-K for the year that ended with the quarter on 11 July 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	3,208	3,033	2,906	2,795	3,195	2,841	2,782	2,633	2,979	2,788	2,882	2,596
Cost of revenue	2,362	2,174	2,101	2,056	2,348	2,131	2,075	1,992	2,283	2,130	2,178	1,977
Gross profit	847	859	805	739	847	710	707	641	696	658	704	619
Gross margin	26%	28%	28%	26%	26%	25%	25%	24%	23%	24%	24%	24%
SG&A	398	387	1,361	335	425	444	333	336	325	378	401	350
Operating income	543	578	-472	402	403	239	321	347	-598	280	-1,658	268
Operating margin	17%	19%	-16%	14%	13%	8%	12%	13%	-20%	10%	-58%	10%
Pre-tax income	389	405	-602	328	346	189	293	289	-655	230	-1,688	233
Tax rate	26%	24%	n/a	-42%	18%	23%	13%	43%	n/a	13%	n/a	25%
Net income	286	309	-567	467	284	145	256	164	-664	200	-1,617	174
Net margin	9%	10%	-20%	17%	9%	5%	9%	6%	-22%	7%	-56%	7%
Diluted EPS	$0.60	$0.64	-$1.18	$0.97	$0.59	$0.30	$0.53	$0.34	-$1.39	$0.42	-$3.37	$0.36
Operating cash flow	411	677	484	269	486	592	346	121	211	564	506	-4.2
Capital expenditure	70.4	95.6	78.5	133	82.4	88.8	85.1	147	71.8	95.6	109	124
Free cash flow	341	581	406	136	403	503	261	-26.2	139	469	397	-128
Buybacks	0.0	0.0	n/a	64.0	0.0	0.0	0.0	15.0	0.3	0.0	0.0	44.0
Dividends paid	167	167	167	167	168	167	167	167	168	167	168	168
Shares outstanding	478m	478m	478m	477m	477m	477m	477m	478m	478m	478m	479m	477m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 26 May 2024, filed 11 July 2024, accession 0001558370-24-009764: the filing on EDGAR. All of Conagra Brands Inc.'s filings: EDGAR company page.

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