Conagra Brands
Q3 2022 Earnings Call
Apr 07, 2022, 9:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to the Conagra Brands third quarter fiscal year 2022 earnings conference call. [Operator instructions] I would now like to turn the conference over to Bayle Ellis. Please go ahead.
Bayle Ellis -- Investor Relations
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 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 item.
The GAAP to non-GAAP reconciliations can be found in either the earnings press release or the earnings slides, both of which can be found in the investor relations section of our website, conagrabrands.com. With that, I'll turn it over to Sean.
Sean Connolly -- President and Chief Executive Officer
Thanks, Bayle. Good morning, everyone, and thank you for joining our third quarter fiscal 2022 earnings call. Today, Dave and I will detail our results for the quarter and our updated outlook for the remainder of the year. We'll then open the line to your questions.
I'd like to start with the key messages we want to share with you this morning. As we navigate a dynamic external environment, our team delivered a solid Q3 that was largely in line with our expectations on the top line and adjusted EPS. We remained laser-focused on successfully executing the Conagra Way playbook by creating superior products and ensuring physical and mental availability to create lasting connections between consumers and our brands. This enabled us to deliver a robust plus 6% organic net sales growth for the third quarter in line with what we expected.
The strength of our top line can be measured both in the absolute and relative to peers as we gain share in key categories on a one- and two-year basis. And it's important to note that in response to inflation-driven pricing that has been executed in the market to date, elasticities have been favorable to historical patterns, even more so than what we expected. Unit demand remained strong as consumers continue to recognize the superior relative value that our portfolio provides. As worldwide events contributed to an already challenging environment, our teams remained agile and nimble to respond effectively and continued to serve our customers.