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Conagra Brands Q1 2021 net sales increased 6.2 percent

Christian Fernsby |
Conagra Brands reported results for the second quarter of fiscal year 2021.

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Second quarter net sales increased 6.2%, and organic net sales increased 8.1%, with significant growth in each of the Company's three retail segments on both a reported and an organic basis.

Total Company operating margin increased 250 basis points to 17.7%, and adjusted operating margin increased 250 basis points to 19.6%.

Diluted earnings per share from continuing operations (EPS) for the second quarter grew 45.3% to $0.77, and adjusted EPS grew 28.6% to $0.81.

From the close of the Pinnacle Foods acquisition through the end of the second quarter, the Company has reduced its gross debt by $2.3 billion; this reduction in debt, together with strong earnings, enabled the Company to achieve its targeted Net Leverage Ratio ahead of schedule.

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