Conagra Brands, Inc. (NYSE:CAG) Q3 2024 Earnings Conference Call April 4, 2024 9:30 AM ET
Company Participants
Melissa Napier - Senior Vice President of Investor Relations
Sean Connolly - Chief Executive Officer
Dave Marberger - Chief Financial Officer
Conference Call Participants
Andrew Lazar - Barclays
Ken Goldman - JPMorgan
David Palmer - Evercore
Chris Carey - Wells Fargo
Alexia Howard - Bernstein
Rob Dickerson - Jefferies
Operator
Good day and welcome to the Conagra Brands Third Quarter Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] Note, this event is being recorded.
I would now like to turn the conference over to Melissa Napier, SVP, Investor Relations. Please go ahead.
Melissa Napier
Good morning. Thank you for joining us today for our live question-and-answer session on today's results. Once again, I'm joined this morning by Sean Connolly, our CEO; and Dave Marberger, our CFO.
We may be making some forward-looking statements and discussing non-GAAP financial measures during this session. Please see our earnings release, prepared remarks, presentation materials and filings with the SEC which can all be found in the Investor Relations section of our website for more information, including descriptions of our risk factors, GAAP to non-GAAP reconciliations and information on our comparability items.
Operator, please introduce the first question.
Question-and-Answer Session
Operator
The first question today comes from Andrew Lazar with Barclays.
Andrew Lazar
I guess, Sean, based on scanner data, most expected, I think, some upside in grocery and snacks and maybe a bit more weakness in refrigerated and frozen -- this dynamic was certainly more extreme, I think, in the quarter than I think many had modeled. So I guess in Grocery & Snacks, Conagra had about a 4% benefit from price mix and that was well ahead of what we thought. So curious kind of what drove that. And then in Refrigerated & Frozen, you talk about success in single-serve meals but trying to corroborate how we sort of marry that with the 8% organic sales decline in that segment and maybe that's more of a function of refrigerated versus frozen in some way. So those 2 aspects would be really helpful.
Sean Connolly
Yes. Let me unpack all of that for you, Andrew. As I said in the prepared remarks, things unfolded very much in line with what we expected. And as you heard us say, our investments in frozen have driven a nearly 7-point swing in our scanner volume from Q1 to the most recent 4 weeks where volume came in down a fairly modest 1.2%. So very strong progress in frozen overall which is important because that's been the focus of our investment. What you're seeing and the reason for the optics being a bit confusing is the reason the R&F segment in total numbers don't show the same magnitude of inflection is noise in the refrigerated part of the business which was, by the way, also consistent with what we anticipated.