Conagra Brands, Inc. (NYSE:CAG) Q1 2024 Earnings Call Transcript October 5, 2023 9:30 AM ET

Company Participants

Melissa Napier - SVP, IR

Sean Connolly - CEO

Dave Marberger - CFO

Conference Call Participants

Andrew Lazar - Barclays

Ken Goldman - JPMorgan

Pamela Kaufman - Morgan Stanley

David Palmer - Evercore

Max Gumport - BNP Paribas

Robert Moskow - TD Cowen

Nik Modi - RBC

Jason English - Goldman Sachs

Steve Powers - Deutsche Bank

Alexia Howard - Bernstein

Operator

Good morning, and welcome to the Conagra Brands’ First Quarter Fiscal Year 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded.

I would now like to turn the conference over to Melissa Napier, Senior Vice President, Investor Relations. Please go ahead.

Melissa Napier

Good morning, and thanks for joining us for the Conagra Brands first quarter fiscal 2024 earnings call. Sean Connolly, our CEO, and Dave Marberger, our CFO, will first discuss our business performance, and then we'll open up the call for Q&A.

On today's call, we will be making some forward-looking statements. And while we are making these statements in good faith, we do not have any guarantee about the results we will achieve. Descriptions of our risk factors are included in the documents we filed with the SEC. We will also be discussing some non-GAAP financial measures. These non-GAAP and adjusted numbers 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 GAAP to non-GAAP reconciliations can be found in the earnings press release and the slides that we'll be reviewing on today's call, both of which can be found in the investor relations section of our website.

I'll now turn the call over to Sean.

Sean Connolly

Thanks, Melissa. Good morning, everyone, and thank you for joining our first quarter fiscal ‘24 earnings call. Let's start with what we want you to take away from our presentation shown here on Slide 5. At an industry-wide level, macro dynamics have clearly impacted consumer behavior across the board. I will cover this in more detail shortly, but ultimately, this behavior shift has elongated the volume recovery period across the industry, which is reflected in our Q1 top-line results. As we've navigated these macro dynamics, I'm proud of the team for delivering another quarter of strong margin improvement and EPS growth.