<p>康尼格拉品牌（Conagra Brands）已召开其第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>康尼格拉品牌在最新的财报电话会议中平衡了增长势头与利润率和每股收益的压力</p>
<p>康尼格拉品牌最新的财报电话会议展现了谨慎乐观的前景。管理层强调了在零食和冷冻等关键类别中令人鼓舞的增长势头，以及强大的创新管道和预计来自其效率计划 “催化剂项目” 的好处。同时，管理层坦诚地提到了一些重要的压力点，包括来自阿登特米尔斯（Ardent Mills）的每股收益影响、短期运营利润率压缩，以及与公司股价下跌相关的大额减值费用。对于投资者而言，信息是增长引擎正在运转，但过程将会颠簸。</p>
<h2>预计下半年有机销售增长将加速</h2>
<p>康尼格拉对其基本需求趋势表示信心，特别是在 2026 财年的下半年。虽然公司没有发布正式的季度指引，但管理层预计下半年的有机净销售将增长，引用了 12 月的良好表现和更健康的贸易与库存动态。对股东的暗示是，随着财年的推进，收入增长应会重新加速，得益于改善的产品供应和更正常的零售商订货模式。</p>
<h2>创新与健康与福利推动类别强劲</h2>
<p>创新仍然是康尼格拉增长故事的核心支柱，管理层指出新产品表现的持续改善。公司积极调整其产品组合以符合健康与福利趋势，强调高蛋白、清洁标签和更强的植物营养的产品。这一策略特别惠及其冷冻和零食类别，消费者继续倾向于方便且更健康的选择。这些产品的成功推出进一步强化了康尼格拉的观点，即差异化的健康导向创新即使在宏观环境挑战中也能赢得市场份额。</p>
<h2>催化剂项目：以人工智能驱动的效率作为未来收益杠杆</h2>
<p>催化剂项目成为一项关键战略举措，旨在通过自动化、数据和人工智能从根本上重塑康尼格拉的核心业务流程。管理层将该项目框架设定为一项多年的努力，旨在提升从供应链规划到商业决策的有效性和效率。虽然财务收益预计将随着时间的推移而逐步增加，而非立即显现，但公司相信催化剂项目将成为利润扩张和收益能力的重要驱动因素，为投资者提供超越简单削减成本的结构性生产力杠杆。</p>
<h2>零食部门实现强劲增长</h2>
<p>零食业务表现突出，Slim Jim 和 Fatty 等品牌实现了强劲增长。高管们归功于执行良好的营销策略、有效的需求创造以及有利于肉类零食和便携蛋白的基本消费趋势。这一势头凸显了零食作为康尼格拉高利润、高速度类别的吸引力，并表明有纪律的品牌支持可以转化为市场份额的增长和该部门的持久收入增长。</p>
<h2>阿登特米尔斯每股收益短缺对收益造成压力</h2>
<p>在负面方面，康尼格拉承认来自其合资企业阿登特米尔斯的显著收益拖累。公司预计将面临约 0.05 美元的每股收益短缺，原因与阿登特米尔斯的损益表中的各种压力有关。尽管管理层试图在其他产品组合中抵消这一影响，但这一披露突显了与该合资企业相关的收益波动性，并引入了投资者在未来几个季度需要关注的额外压力。</p>
<h2>第三季度运营利润率压力聚焦</h2>
<p>康尼格拉警告称，第三季度的运营利润率将低于第二季度水平。主要驱动因素是增加的广告和促销（A&amp;P）支出——反映了加强的品牌支持——以及库存吸收带来的压力。虽然更高的 A&amp;P 可以被视为对长期品牌健康的投资，但与成本吸收问题的综合影响将压缩短期盈利能力。对于股东而言，这意味着即使收入趋势改善，利润率也将面临压力。</p>
<h2>减值费用突显市场资本和估值压力</h2>
<p>公司记录了一项与其股价和市场资本持续下滑相关的大额减值费用，这也导致在其财务评估中使用了更高的折现率。这一非现金费用突显了市场对康尼格拉估值和增长前景的怀疑。尽管这不会直接影响现金流，但减值提醒人们，近期股价疲软具有实际的会计后果，并反映出对未来收益的更保守看法。</p>
<h2>鸡肉供应链的持续挑战</h2>
<p>康尼格拉继续面临鸡肉供应链中的运营复杂性。即使在完成其烤鸡设施后，公司仍需进一步投资以扩大受欢迎新产品的产能。这些问题限制了某些鸡肉产品需求的充分实现，并增加了系统的成本和复杂性。管理层的重点是解决这些瓶颈，以更好地捕捉消费者需求，并随着时间的推移减少运营摩擦。</p>
<h2>指引：在阿登特米尔斯拖累下保持稳定的全年展望</h2>
<p>展望未来，康尼格拉重申了其全年销售和运营利润率的展望，尽管与 Ardent Mills 相关的短缺约为 3000 万美元。管理层预计 2026 财年下半年有机净销售额将增长，这得益于改善的贸易库存管理、之前供应限制的缓解以及冷冻食品和零食的持续强劲表现。公司还依赖于关税时机和鸡肉通胀缓和等有利因素来帮助维持利润率。项目 Catalyst 被视为长期的利好因素，预计效率提升和流程改进将增强康尼格拉应对通胀压力和逐步扩大利润率的信心。</p>
<p>总之，康尼格拉的财报电话会议传达了一个谨慎但积极的信息：核心品类，尤其是零食和冷冻食品，正在增长，创新受到健康意识消费者的认可，结构性效率举措正在进行。同时，利润率面临压力，Ardent Mills 的每股收益影响，以及与股票下跌相关的减值，突显出转型仍在进行中。对于投资者而言，故事依然是稳健的需求基本面与短期盈利能力和估值挑战之间的权衡。</p>

康尼格拉

<p>康尼格拉品牌的第二季度财报电话会议强调了零食和冷冻类别的增长，这得益于创新和健康趋势。尽管前景乐观，但面临的挑战包括来自 Ardent Mills 的每股收益影响、利润率压缩以及由于股价下跌而产生的减值费用。项目 Catalyst 旨在通过人工智能提升效率。预计在 2026 财年的下半年将实现有机销售增长。零食部门显示出强劲的增长，而鸡肉供应链问题仍然存在。投资者在增长和盈利能力的混合信号中面临波动的局面</p>

<p>Conagra Brands ((CAG)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>康尼格拉品牌（Conagra Brands）已召开其第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
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<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Conagra Brands Balances Growth Momentum With Margin and EPS Headwinds in Latest Earnings Call</p>
<div class="lb-trans"><p>康尼格拉品牌在最新的财报电话会议中平衡了增长势头与利润率和每股收益的压力</p>
</div><p>Conagra Brands’ latest earnings call painted a picture of cautious optimism. Management highlighted encouraging momentum in key categories like snacks and frozen, along with a strong innovation pipeline and expected benefits from its efficiency initiative, Project Catalyst. At the same time, executives were candid about meaningful pressure points, including an EPS hit from Ardent Mills, near-term operating margin compression, and a sizable impairment charge tied to the company’s lower stock price. For investors, the message was that the growth engine is working, but the ride will be bumpy.</p>
<div class="lb-trans"><p>康尼格拉品牌最新的财报电话会议展现了谨慎乐观的前景。管理层强调了在零食和冷冻等关键类别中令人鼓舞的增长势头，以及强大的创新管道和预计来自其效率计划 “催化剂项目” 的好处。同时，管理层坦诚地提到了一些重要的压力点，包括来自阿登特米尔斯（Ardent Mills）的每股收益影响、短期运营利润率压缩，以及与公司股价下跌相关的大额减值费用。对于投资者而言，信息是增长引擎正在运转，但过程将会颠簸。</p>
</div><h2>Organic Sales Growth Expected to Accelerate in Second Half</h2>
<div class="lb-trans"><h2>预计下半年有机销售增长将加速</h2>
</div><p>Conagra signaled confidence in its underlying demand trends, particularly in the back half of Fiscal 2026. While the company did not issue formal quarterly guidance, management expects organic net sales to grow in the second half, citing solid December performance and healthier trade and inventory dynamics. The implication for shareholders is that top-line growth should reaccelerate as the fiscal year progresses, supported by improved product availability and more normalized retailer ordering patterns.</p>
<div class="lb-trans"><p>康尼格拉对其基本需求趋势表示信心，特别是在 2026 财年的下半年。虽然公司没有发布正式的季度指引，但管理层预计下半年的有机净销售将增长，引用了 12 月的良好表现和更健康的贸易与库存动态。对股东的暗示是，随着财年的推进，收入增长应会重新加速，得益于改善的产品供应和更正常的零售商订货模式。</p>
</div><h2>Innovation and Health &amp; Wellness Drive Category Strength</h2>
<div class="lb-trans"><h2>创新与健康与福利推动类别强劲</h2>
</div><p>Innovation remains a central pillar of Conagra’s growth story, with management pointing to ongoing improvement in the performance of new products. The company is aggressively aligning its portfolio with health and wellness trends, emphasizing offerings with higher protein, cleaner labels, and stronger vegetable nutrition. This strategy is particularly benefiting its frozen and snack categories, where consumers continue to trade toward convenient, better-for-you options. The success of these launches reinforces Conagra’s view that differentiated, health-oriented innovation can win share even in a challenged macro environment.</p>
<div class="lb-trans"><p>创新仍然是康尼格拉增长故事的核心支柱，管理层指出新产品表现的持续改善。公司积极调整其产品组合以符合健康与福利趋势，强调高蛋白、清洁标签和更强的植物营养的产品。这一策略特别惠及其冷冻和零食类别，消费者继续倾向于方便且更健康的选择。这些产品的成功推出进一步强化了康尼格拉的观点，即差异化的健康导向创新即使在宏观环境挑战中也能赢得市场份额。</p>
</div><h2>Project Catalyst: AI-Driven Efficiency as a Future Earnings Lever</h2>
<div class="lb-trans"><h2>催化剂项目：以人工智能驱动的效率作为未来收益杠杆</h2>
</div><p>Project Catalyst emerged as a key strategic initiative, aimed at fundamentally reengineering Conagra’s core business processes through automation, data, and AI. Management framed the program as a multi-year effort designed to boost both effectiveness and efficiency, from supply chain planning to commercial decision-making. While the financial benefits are expected to ramp over time rather than immediately, the company believes Project Catalyst will become a meaningful driver of margin expansion and earnings power, offering investors a structural productivity lever beyond simple cost cutting.</p>
<div class="lb-trans"><p>催化剂项目成为一项关键战略举措，旨在通过自动化、数据和人工智能从根本上重塑康尼格拉的核心业务流程。管理层将该项目框架设定为一项多年的努力，旨在提升从供应链规划到商业决策的有效性和效率。虽然财务收益预计将随着时间的推移而逐步增加，而非立即显现，但公司相信催化剂项目将成为利润扩张和收益能力的重要驱动因素，为投资者提供超越简单削减成本的结构性生产力杠杆。</p>
</div><h2>Snack Segment Delivers Robust Growth</h2>
<div class="lb-trans"><h2>零食部门实现强劲增长</h2>
</div><p>The snack business was a standout performer, with brands like Slim Jim and Fatty generating strong growth. Executives credited a well-executed marketing strategy, effective demand creation, and underlying consumer trends that favor meat snacks and on-the-go protein. This momentum underscores the attractiveness of snacks as a high-margin, high-velocity category for Conagra, and suggests that disciplined brand support can translate into share gains and durable revenue growth in this segment.</p>
<div class="lb-trans"><p>零食业务表现突出，Slim Jim 和 Fatty 等品牌实现了强劲增长。高管们归功于执行良好的营销策略、有效的需求创造以及有利于肉类零食和便携蛋白的基本消费趋势。这一势头凸显了零食作为康尼格拉高利润、高速度类别的吸引力，并表明有纪律的品牌支持可以转化为市场份额的增长和该部门的持久收入增长。</p>
</div><h2>Ardent Mills EPS Shortfall Weighs on Earnings</h2>
<div class="lb-trans"><h2>阿登特米尔斯每股收益短缺对收益造成压力</h2>
</div><p>On the negative side, Conagra acknowledged a notable earnings drag from Ardent Mills, its joint venture. The company expects an approximate $0.05 EPS shortfall linked to various pressures in Ardent Mills’ P&amp;L. While management is attempting to offset this impact elsewhere in the portfolio, the disclosure highlights the earnings volatility associated with the venture and introduces an additional headwind that investors will need to monitor in coming quarters.</p>
<div class="lb-trans"><p>在负面方面，康尼格拉承认来自其合资企业阿登特米尔斯的显著收益拖累。公司预计将面临约 0.05 美元的每股收益短缺，原因与阿登特米尔斯的损益表中的各种压力有关。尽管管理层试图在其他产品组合中抵消这一影响，但这一披露突显了与该合资企业相关的收益波动性，并引入了投资者在未来几个季度需要关注的额外压力。</p>
</div><h2>Third-Quarter Operating Margin Pressure in Focus</h2>
<div class="lb-trans"><h2>第三季度运营利润率压力聚焦</h2>
</div><p>Conagra cautioned that third-quarter operating margins will fall below second-quarter levels. The primary drivers are increased advertising and promotion (A&amp;P) spending—reflecting stepped-up brand support—and headwinds from inventory absorption. While higher A&amp;P can be viewed as an investment in long-term brand health, the combined effect with cost absorption issues will compress near-term profitability. For shareholders, this signals a quarter of margin pressure even as revenue trends improve.</p>
<div class="lb-trans"><p>康尼格拉警告称，第三季度的运营利润率将低于第二季度水平。主要驱动因素是增加的广告和促销（A&amp;P）支出——反映了加强的品牌支持——以及库存吸收带来的压力。虽然更高的 A&amp;P 可以被视为对长期品牌健康的投资，但与成本吸收问题的综合影响将压缩短期盈利能力。对于股东而言，这意味着即使收入趋势改善，利润率也将面临压力。</p>
</div><h2>Impairment Charge Highlights Market Cap and Valuation Strain</h2>
<div class="lb-trans"><h2>减值费用突显市场资本和估值压力</h2>
</div><p>The company recorded a sizable impairment charge tied to a sustained decline in its stock price and market capitalization, which also led to the use of a higher discount rate in its financial assessments. This non-cash charge underscores the market’s skepticism around Conagra’s valuation and growth prospects. While it does not directly affect cash flow, the impairment is a reminder that recent share price weakness has tangible accounting consequences and reflects a more conservative view of future earnings.</p>
<div class="lb-trans"><p>公司记录了一项与其股价和市场资本持续下滑相关的大额减值费用，这也导致在其财务评估中使用了更高的折现率。这一非现金费用突显了市场对康尼格拉估值和增长前景的怀疑。尽管这不会直接影响现金流，但减值提醒人们，近期股价疲软具有实际的会计后果，并反映出对未来收益的更保守看法。</p>
</div><h2>Ongoing Challenges in the Chicken Supply Chain</h2>
<div class="lb-trans"><h2>鸡肉供应链的持续挑战</h2>
</div><p>Conagra continues to grapple with operational complexities in its chicken supply chain. Even after completing its Baked Chicken facility, the company has had to invest further to expand capacity for popular new products. These issues are constraining the full realization of demand in certain chicken-based offerings and adding cost and complexity to the system. Management’s focus is on resolving these bottlenecks to better capture consumer demand and reduce operational friction over time.</p>
<div class="lb-trans"><p>康尼格拉继续面临鸡肉供应链中的运营复杂性。即使在完成其烤鸡设施后，公司仍需进一步投资以扩大受欢迎新产品的产能。这些问题限制了某些鸡肉产品需求的充分实现，并增加了系统的成本和复杂性。管理层的重点是解决这些瓶颈，以更好地捕捉消费者需求，并随着时间的推移减少运营摩擦。</p>
</div><h2>Guidance: Steady Full-Year Outlook Amid Ardent Mills Drag</h2>
<div class="lb-trans"><h2>指引：在阿登特米尔斯拖累下保持稳定的全年展望</h2>
</div><p>Looking ahead, Conagra reaffirmed its full-year sales and operating margin outlook, despite a roughly $30 million shortfall tied to Ardent Mills. Management expects organic net sales growth in the second half of Fiscal 2026, supported by improved trade inventory management, the easing of prior supply constraints, and continued strength in frozen and snacks. The company is also leaning on favorable factors such as tariff timing and moderating chicken inflation to help sustain margins. Project Catalyst is positioned as a longer-term tailwind, with anticipated efficiency gains and process improvements reinforcing Conagra’s confidence in its ability to manage inflationary pressures and gradually expand margins.</p>
<div class="lb-trans"><p>展望未来，康尼格拉重申了其全年销售和运营利润率的展望，尽管与 Ardent Mills 相关的短缺约为 3000 万美元。管理层预计 2026 财年下半年有机净销售额将增长，这得益于改善的贸易库存管理、之前供应限制的缓解以及冷冻食品和零食的持续强劲表现。公司还依赖于关税时机和鸡肉通胀缓和等有利因素来帮助维持利润率。项目 Catalyst 被视为长期的利好因素，预计效率提升和流程改进将增强康尼格拉应对通胀压力和逐步扩大利润率的信心。</p>
</div><p>In sum, Conagra’s earnings call delivered a measured but constructive message: core categories, especially snacks and frozen, are growing, innovation is resonating with health-conscious consumers, and structural efficiency initiatives are underway. At the same time, margin headwinds, the Ardent Mills EPS hit, and an impairment tied to the stock’s decline highlight that the turnaround is still a work in progress. For investors, the story remains one of solid demand fundamentals offset by near-term profitability and valuation challenges.</p>
<div class="lb-trans"><p>总之，康尼格拉的财报电话会议传达了一个谨慎但积极的信息：核心品类，尤其是零食和冷冻食品，正在增长，创新受到健康意识消费者的认可，结构性效率举措正在进行。同时，利润率面临压力，Ardent Mills 的每股收益影响，以及与股票下跌相关的减值，突显出转型仍在进行中。对于投资者而言，故事依然是稳健的需求基本面与短期盈利能力和估值挑战之间的权衡。</p>
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康尼格拉品牌的财报电话会议在增长与压力之间寻求平衡