ConAgra Foods, Inc. (NYSE:CAG) Q1 2020 Earnings Conference Call Transcript

Sep 26, 2019 • 09:30 am ET

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ConAgra Foods, Inc. (NYSE:CAG) Q1 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day and welcome to the Conagra Brands First Quarter Fiscal Year 2020 Earnings Conference Call. All participants will be in a listen-only mode.

[Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Brian Kearney of Investor Relations. Please go ahead.

Executive
Brian Kearney

Good morning everyone. Thanks for joining us. I remind you that we will be making some forward-looking statements during today's call. While we are making those statements in good faith, we do not have any guarantee about the results that we will achieve. Descriptions of the risk factors are included in the documents we filed with the SEC.

Also, we will be discussing some non-GAAP financial measures. References to adjusted items, including organic net sales growth refer to measures that exclude items management believes impact the comparability for the period referenced. Please see the earnings release for additional information on our comparability items. The reconciliations of those adjusted measures to the most directly comparable GAAP measures can be found in either the earnings press release or in the earnings slides, both of which can be found in the Investor Relations section of our website, conagrabrands.com. Finally, we will be making some references to Total Conagra Brands, Legacy Conagra Brands and Legacy Pinnacle. References to Legacy Conagra Brands refer to measures that exclude any income or expenses associated with the recently acquired Pinnacle Foods business.

With that, I'll turn it over to Sean.

Executive
Sean Connolly

Thanks, Brian. Good morning everyone and thank you for joining our first quarter fiscal 2020 earnings call. Fiscal 2020 is on track following a very solid Q1. We continue to implement the Conagra Way to profitable growth by executing against the principles and plans we shared at Investor Day. We're applying our value over volume playbook to the Legacy Pinnacle portfolio and we've made important progress strengthening the foundation of the business and repositioning Pinnacle's leadership brands for profitable growth. We're also pleased to report that our ongoing integration and synergy capture related to the Pinnacle business and our deleveraging progress remain squarely on track.

In Legacy Conagra, we continued to deliver solid execution and maintained our momentum in the first quarter, particularly in our leading frozen and snacks businesses. Looking ahead, we remain confident that our second half results will reflect stronger growth than the first half. We'll lap the anniversary of the Pinnacle acquisition and the easier comps due to the start of our value over volume execution across its portfolio. We'll also begin to benefit from the exciting new innovations that are being introduced to the market. Therefore, we are reaffirming our fiscal 2020 guidance for all previously communicated metrics. Our agenda this morning is to provide an update on our work on the Legacy Pinnacle business, discuss our continued progress on Legacy Conagra and share some additional details on our expectations for the remainder of the year.

Turning to the Legacy