On January 7th Conagra Brands Inc. (CAG) reported results for the second quarter of fiscal 2021 ending November 29th 2020.  For the quarter, net sales increased by 6.2 percent to $2.995 billion.  Net income increased 45.4 percent to $378.9 million and EPS advanced by a proportional amount to $0.77.  The company paid down $2.3 billion in long-term debt and anticipates adjusted EPS for the third quarter of fiscal 2021 to attain a range of $0.56 to $0.60.

The Grocery and Snacks segment posted a 12.5 percent increase in net sales with an operating profit of $316 million.  For the Refrigerated and Frozen foods segment, net sales increased by 6.8 percent and operating profit increased to $264 million.  The International segment achieved a 6.6 percent increase in sales with an operating profit of $40 million.  Consistent with COVID-19 restrictions the Foodservice segment experienced a net sales decrease of 23.1 percent and operating profit declined to $22 million.

Conagra Brands has a market capitalization of $16.65 billion and has traded over the past fifty-two weeks in a range of $22.83 to $38.34 with a 50-day moving average of $35.81.

The company has generated a twelve-month trailing operating margin of 17.8 percent and a profit margin of 9.7 percent.  CAG achieved a return on assets of 5.7 percent and 13.8 percent on equity.