ConAgra Foods, Inc. (NYSE:CAG) Q4 2020 Earnings Conference Call - Final Transcript

Jun 30, 2020 • 09:30 am ET


ConAgra Foods, Inc. (NYSE:CAG) Q4 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Conagra Brands Fourth Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to you, Brian Kearney. Please go ahead.

Brian Kearney

Good morning, everyone. Thanks for joining us.

I'll remind you that we will be making some forward-looking statements today. While we are making those statements in good faith, we do not have any guarantee about the results 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 that management believes impact comparability for the period referenced. Please see the earnings release for additional information on our comparability items. The GAAP to non-GAAP reconciliations can be found either in the earnings press release or the earnings slides, both of which can be found in the Investor Relations section of our website,

Finally, we will be making some references to total Conagra Brands as well as 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.

Sean Connolly

Thanks, Brian.

Good morning, everyone, and thank you for joining our fourth 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 continuing to stay safe and healthy.

On today's call, we're going to address our fourth quarter and fiscal 2020 results, our expectations for fiscal 2021 and our perspective on why Conagra is uniquely positioned to succeed in this new environment. But first, I want to provide some context around what has brought us to this point.

Over the past five years, we have been purposefully architecting one of the largest transformations in the food industry. When we embarked on this process, we made major strategic decisions on where to compete and how to win. After decades as a food conglomerate, we transformed into a pure play branded food company with a portfolio focused on competing in three domains: frozen, snacks and staples.

We committed to perpetually reshaping our portfolio for better growth and better margins, and established a disciplined approach rooted in a playbook that we call the Conagra Way. This relentlessly principle-based playbook is filled with repeatable and scalable processes that focus on modernizing our iconic brands through superior food, contemporary packaging and strong, consistent marketing investment. The Conagra Way is not just a way to build brands, but an operating model that has helped cultivate our agile, motivated and highly energized culture.

As I'll describe in more detail in a moment, fiscal 2020 saw unprecedented performance as we built upon the extraordinary progress we have made over the past five years. We further strengthened our business, including getting legacy Pinnacle back on track, and delivered strong financial results. During the