Beats Earnings by ~7% & Misses Revenue expectations by ~1%
Total Revenue: $2.91 Bn, down 2% YoY, down 4% QoQ
Net Income: $294 MM, down 6% YoY, down 5% QoQ
Shares down ~2% after results
Key Takeaways:
Decline in Refrigerated & Frozen segment down 3.8% YoY, offset by a rise in International segment up 6.4% YoY
FY25 Guidance: Expects adjusted EPS of $2.60 to $2.65, slightly below Street estimates, on a 1.5% decline to flat in organic net sales
CEO Sean Connelly on Strategic Focus:
“Our investments in our brands continued to yield results, driving volume improvement in our Domestic Retail business. We saw notable progress in our key Frozen and Snacks domains with market share gains. Our supply chain productivity initiatives expanded adjusted gross margins, and we reduced our net leverage ratio. We expect the challenging industry trends to gradually wane and will continue to invest wisely to support our brands.”
