ConAgra Foods, Inc. (NYSE:CAG) Q3 2020 Earnings Conference Call - Final Transcript

Mar 31, 2020 • 09:30 am ET

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ConAgra Foods, Inc. (NYSE:CAG) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, and welcome to the Conagra Brands' Third Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

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

Executive
Brian Kearney

Good morning, everyone. Thanks for joining us. I'll 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 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 to those adjusted measures to the most directly comparable GAAP measures can be found in either the earnings 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 references to Total Conagra Brands as well as the Legacy Conagra Brands. References to Legacy Conagra Brands refer to measures that exclude any income or expenses associated with the 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 third quarter fiscal 2020 earnings call. On behalf of Conagra Brands, I want to start by expressing my heartfelt hope that you and your families are staying safe during this unprecedented time.

Today, I'm going to address two main topics; our response to COVID-19 and its impact on our business as well as the underlying trends that we saw in the third quarter, which ended just before the impact of COVID-19 started. Rest assured that we're taking all necessary precautions to protect the health and safety of our employees and our ability to safely and reliably meet consumers' needs. For the most recent status of our efforts to respond to COVID-19, please visit conagrabrands.com.

We'll continue to provide updated information on our site as the situation evolves. As I'll describe in more detail in a moment, we've taken a number of steps to ensure our supply chain continues to operate well. We're incredibly proud of our teams who have been producing and delivering without disruption. While we all remain focused on executing through this rapidly evolving situation, I don't want to lose sight of the fact that we've made significant progress against the operational objectives we established for fiscal 2020.

In many ways, our progress against these objectives is enhancing our ability to navigate this crisis. Recall at the outset of fiscal 2020, we set out to execute on integration, synergy capture and deleveraging, drive strong consumption growth in Frozen and Snacks, improved trends in Hunt's tomatoes and Chef Boyardee and the trend in the Legacy Pinnacle business