Conagra’s earnings improve despite declining sales and weaker cash generation
Conagra ($CAG) reported a 1.4% decline in fiscal first-quarter sales and a 1.1% fall on an organic basis, while adjusted earnings per share increased 5.1% to $0.41. Reported net income rose to $174 million, or $0.36 per share. Lower adjusted overhead and stronger equity-method investment earnings helped offset weaker gross profit, with the Ardent Mills venture benefiting from wheat-market conditions. Cash performance was less favorable: operations used $4 million, against $121 million generated
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