<p>康尼格拉品牌（Conagra Brands）已召開其第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>享受 TipRanks Premium 50% 折扣，放心投資</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
<p>康尼格拉品牌在最新的財報電話會議中平衡了增長勢頭與利潤率和每股收益的壓力</p>
<p>康尼格拉品牌最新的財報電話會議展現了謹慎樂觀的前景。管理層強調了在零食和冷凍等關鍵類別中令人鼓舞的增長勢頭，以及強大的創新管道和預計來自其效率計劃 “催化劑項目” 的好處。同時，管理層坦誠地提到了一些重要的壓力點，包括來自阿登特米爾斯（Ardent Mills）的每股收益影響、短期運營利潤率壓縮，以及與公司股價下跌相關的大額減值費用。對於投資者而言，信息是增長引擎正在運轉，但過程將會顛簸。</p>
<h2>預計下半年有機銷售增長將加速</h2>
<p>康尼格拉對其基本需求趨勢表示信心，特別是在 2026 財年的下半年。雖然公司沒有發佈正式的季度指引，但管理層預計下半年的有機淨銷售將增長，引用了 12 月的良好表現和更健康的貿易與庫存動態。對股東的暗示是，隨着財年的推進，收入增長應會重新加速，得益於改善的產品供應和更正常的零售商訂貨模式。</p>
<h2>創新與健康與福利推動類別強勁</h2>
<p>創新仍然是康尼格拉增長故事的核心支柱，管理層指出新產品表現的持續改善。公司積極調整其產品組合以符合健康與福利趨勢，強調高蛋白、清潔標籤和更強的植物營養的產品。這一策略特別惠及其冷凍和零食類別，消費者繼續傾向於方便且更健康的選擇。這些產品的成功推出進一步強化了康尼格拉的觀點，即差異化的健康導向創新即使在宏觀環境挑戰中也能贏得市場份額。</p>
<h2>催化劑項目：以人工智能驅動的效率作為未來收益槓桿</h2>
<p>催化劑項目成為一項關鍵戰略舉措，旨在通過自動化、數據和人工智能從根本上重塑康尼格拉的核心業務流程。管理層將該項目框架設定為一項多年的努力，旨在提升從供應鏈規劃到商業決策的有效性和效率。雖然財務收益預計將隨着時間的推移而逐步增加，而非立即顯現，但公司相信催化劑項目將成為利潤擴張和收益能力的重要驅動因素，為投資者提供超越簡單削減成本的結構性生產力槓桿。</p>
<h2>零食部門實現強勁增長</h2>
<p>零食業務表現突出，Slim Jim 和 Fatty 等品牌實現了強勁增長。高管們歸功於執行良好的營銷策略、有效的需求創造以及有利於肉類零食和便攜蛋白的基本消費趨勢。這一勢頭凸顯了零食作為康尼格拉高利潤、高速度類別的吸引力，並表明有紀律的品牌支持可以轉化為市場份額的增長和該部門的持久收入增長。</p>
<h2>阿登特米爾斯每股收益短缺對收益造成壓力</h2>
<p>在負面方面，康尼格拉承認來自其合資企業阿登特米爾斯的顯著收益拖累。公司預計將面臨約 0.05 美元的每股收益短缺，原因與阿登特米爾斯的損益表中的各種壓力有關。儘管管理層試圖在其他產品組合中抵消這一影響，但這一披露突顯了與該合資企業相關的收益波動性，並引入了投資者在未來幾個季度需要關注的額外壓力。</p>
<h2>第三季度運營利潤率壓力聚焦</h2>
<p>康尼格拉警告稱，第三季度的運營利潤率將低於第二季度水平。主要驅動因素是增加的廣告和促銷（A&amp;P）支出——反映了加強的品牌支持——以及庫存吸收帶來的壓力。雖然更高的 A&amp;P 可以被視為對長期品牌健康的投資，但與成本吸收問題的綜合影響將壓縮短期盈利能力。對於股東而言，這意味着即使收入趨勢改善，利潤率也將面臨壓力。</p>
<h2>減值費用突顯市場資本和估值壓力</h2>
<p>公司記錄了一項與其股價和市場資本持續下滑相關的大額減值費用，這也導致在其財務評估中使用了更高的折現率。這一非現金費用突顯了市場對康尼格拉估值和增長前景的懷疑。儘管這不會直接影響現金流，但減值提醒人們，近期股價疲軟具有實際的會計後果，並反映出對未來收益的更保守看法。</p>
<h2>雞肉供應鏈的持續挑戰</h2>
<p>康尼格拉繼續面臨雞肉供應鏈中的運營複雜性。即使在完成其烤雞設施後，公司仍需進一步投資以擴大受歡迎新產品的產能。這些問題限制了某些雞肉產品需求的充分實現，並增加了系統的成本和複雜性。管理層的重點是解決這些瓶頸，以更好地捕捉消費者需求，並隨着時間的推移減少運營摩擦。</p>
<h2>指引：在阿登特米爾斯拖累下保持穩定的全年展望</h2>
<p>展望未來，康尼格拉重申了其全年銷售和運營利潤率的展望，儘管與 Ardent Mills 相關的短缺約為 3000 萬美元。管理層預計 2026 財年下半年有機淨銷售額將增長，這得益於改善的貿易庫存管理、之前供應限制的緩解以及冷凍食品和零食的持續強勁表現。公司還依賴於關税時機和雞肉通脹緩和等有利因素來幫助維持利潤率。項目 Catalyst 被視為長期的利好因素，預計效率提升和流程改進將增強康尼格拉應對通脹壓力和逐步擴大利潤率的信心。</p>
<p>總之，康尼格拉的財報電話會議傳達了一個謹慎但積極的信息：核心品類，尤其是零食和冷凍食品，正在增長，創新受到健康意識消費者的認可，結構性效率舉措正在進行。同時，利潤率面臨壓力，Ardent Mills 的每股收益影響，以及與股票下跌相關的減值，突顯出轉型仍在進行中。對於投資者而言，故事依然是穩健的需求基本面與短期盈利能力和估值挑戰之間的權衡。</p>

康尼格拉

<p>康尼格拉品牌的第二季度財報電話會議強調了零食和冷凍類別的增長，這得益於創新和健康趨勢。儘管前景樂觀，但面臨的挑戰包括來自 Ardent Mills 的每股收益影響、利潤率壓縮以及由於股價下跌而產生的減值費用。項目 Catalyst 旨在通過人工智能提升效率。預計在 2026 財年的下半年將實現有機銷售增長。零食部門顯示出強勁的增長，而雞肉供應鏈問題仍然存在。投資者在增長和盈利能力的混合信號中面臨波動的局面</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）已召開其第二季度財報電話會議。請繼續閲讀會議的主要亮點。</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，放心投資</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
</ul>
</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財報電話會議中平衡了增長勢頭與利潤率和每股收益的壓力</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財報電話會議展現了謹慎樂觀的前景。管理層強調了在零食和冷凍等關鍵類別中令人鼓舞的增長勢頭，以及強大的創新管道和預計來自其效率計劃 “催化劑項目” 的好處。同時，管理層坦誠地提到了一些重要的壓力點，包括來自阿登特米爾斯（Ardent Mills）的每股收益影響、短期運營利潤率壓縮，以及與公司股價下跌相關的大額減值費用。對於投資者而言，信息是增長引擎正在運轉，但過程將會顛簸。</p>
</div><h2>Organic Sales Growth Expected to Accelerate in Second Half</h2>
<div class="lb-trans"><h2>預計下半年有機銷售增長將加速</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>康尼格拉對其基本需求趨勢表示信心，特別是在 2026 財年的下半年。雖然公司沒有發佈正式的季度指引，但管理層預計下半年的有機淨銷售將增長，引用了 12 月的良好表現和更健康的貿易與庫存動態。對股東的暗示是，隨着財年的推進，收入增長應會重新加速，得益於改善的產品供應和更正常的零售商訂貨模式。</p>
</div><h2>Innovation and Health &amp; Wellness Drive Category Strength</h2>
<div class="lb-trans"><h2>創新與健康與福利推動類別強勁</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>創新仍然是康尼格拉增長故事的核心支柱，管理層指出新產品表現的持續改善。公司積極調整其產品組合以符合健康與福利趨勢，強調高蛋白、清潔標籤和更強的植物營養的產品。這一策略特別惠及其冷凍和零食類別，消費者繼續傾向於方便且更健康的選擇。這些產品的成功推出進一步強化了康尼格拉的觀點，即差異化的健康導向創新即使在宏觀環境挑戰中也能贏得市場份額。</p>
</div><h2>Project Catalyst: AI-Driven Efficiency as a Future Earnings Lever</h2>
<div class="lb-trans"><h2>催化劑項目：以人工智能驅動的效率作為未來收益槓桿</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>催化劑項目成為一項關鍵戰略舉措，旨在通過自動化、數據和人工智能從根本上重塑康尼格拉的核心業務流程。管理層將該項目框架設定為一項多年的努力，旨在提升從供應鏈規劃到商業決策的有效性和效率。雖然財務收益預計將隨着時間的推移而逐步增加，而非立即顯現，但公司相信催化劑項目將成為利潤擴張和收益能力的重要驅動因素，為投資者提供超越簡單削減成本的結構性生產力槓桿。</p>
</div><h2>Snack Segment Delivers Robust Growth</h2>
<div class="lb-trans"><h2>零食部門實現強勁增長</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>零食業務表現突出，Slim Jim 和 Fatty 等品牌實現了強勁增長。高管們歸功於執行良好的營銷策略、有效的需求創造以及有利於肉類零食和便攜蛋白的基本消費趨勢。這一勢頭凸顯了零食作為康尼格拉高利潤、高速度類別的吸引力，並表明有紀律的品牌支持可以轉化為市場份額的增長和該部門的持久收入增長。</p>
</div><h2>Ardent Mills EPS Shortfall Weighs on Earnings</h2>
<div class="lb-trans"><h2>阿登特米爾斯每股收益短缺對收益造成壓力</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>在負面方面，康尼格拉承認來自其合資企業阿登特米爾斯的顯著收益拖累。公司預計將面臨約 0.05 美元的每股收益短缺，原因與阿登特米爾斯的損益表中的各種壓力有關。儘管管理層試圖在其他產品組合中抵消這一影響，但這一披露突顯了與該合資企業相關的收益波動性，並引入了投資者在未來幾個季度需要關注的額外壓力。</p>
</div><h2>Third-Quarter Operating Margin Pressure in Focus</h2>
<div class="lb-trans"><h2>第三季度運營利潤率壓力聚焦</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>康尼格拉警告稱，第三季度的運營利潤率將低於第二季度水平。主要驅動因素是增加的廣告和促銷（A&amp;P）支出——反映了加強的品牌支持——以及庫存吸收帶來的壓力。雖然更高的 A&amp;P 可以被視為對長期品牌健康的投資，但與成本吸收問題的綜合影響將壓縮短期盈利能力。對於股東而言，這意味着即使收入趨勢改善，利潤率也將面臨壓力。</p>
</div><h2>Impairment Charge Highlights Market Cap and Valuation Strain</h2>
<div class="lb-trans"><h2>減值費用突顯市場資本和估值壓力</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>公司記錄了一項與其股價和市場資本持續下滑相關的大額減值費用，這也導致在其財務評估中使用了更高的折現率。這一非現金費用突顯了市場對康尼格拉估值和增長前景的懷疑。儘管這不會直接影響現金流，但減值提醒人們，近期股價疲軟具有實際的會計後果，並反映出對未來收益的更保守看法。</p>
</div><h2>Ongoing Challenges in the Chicken Supply Chain</h2>
<div class="lb-trans"><h2>雞肉供應鏈的持續挑戰</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>康尼格拉繼續面臨雞肉供應鏈中的運營複雜性。即使在完成其烤雞設施後，公司仍需進一步投資以擴大受歡迎新產品的產能。這些問題限制了某些雞肉產品需求的充分實現，並增加了系統的成本和複雜性。管理層的重點是解決這些瓶頸，以更好地捕捉消費者需求，並隨着時間的推移減少運營摩擦。</p>
</div><h2>Guidance: Steady Full-Year Outlook Amid Ardent Mills Drag</h2>
<div class="lb-trans"><h2>指引：在阿登特米爾斯拖累下保持穩定的全年展望</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>展望未來，康尼格拉重申了其全年銷售和運營利潤率的展望，儘管與 Ardent Mills 相關的短缺約為 3000 萬美元。管理層預計 2026 財年下半年有機淨銷售額將增長，這得益於改善的貿易庫存管理、之前供應限制的緩解以及冷凍食品和零食的持續強勁表現。公司還依賴於關税時機和雞肉通脹緩和等有利因素來幫助維持利潤率。項目 Catalyst 被視為長期的利好因素，預計效率提升和流程改進將增強康尼格拉應對通脹壓力和逐步擴大利潤率的信心。</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>總之，康尼格拉的財報電話會議傳達了一個謹慎但積極的信息：核心品類，尤其是零食和冷凍食品，正在增長，創新受到健康意識消費者的認可，結構性效率舉措正在進行。同時，利潤率面臨壓力，Ardent Mills 的每股收益影響，以及與股票下跌相關的減值，突顯出轉型仍在進行中。對於投資者而言，故事依然是穩健的需求基本面與短期盈利能力和估值挑戰之間的權衡。</p>
</div>

康尼格拉品牌的財報電話會議在增長與壓力之間尋求平衡