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CONAGRA BRANDS . News Release For more information , please contact : MEDIA : Mike Cummins 312-549-5257 Michael.Cummins@conagra.com INVESTORS : Brian Kearney 312-549-5002 IR@conagra.com FOR IMMEDIATE RELEASE CONAGRA BRANDS REPORTS STRONG THIRD QUARTER RESULTS CHICAGO , April 8 , 2021— Today Conagra Brands , Inc. ( NYSE : CAG ) reported results for the third quarter of fiscal year 2021 , which ended on February 28 , 2021. All comparisons are against the prior - year fiscal period , unless otherwise noted . Certain terms used in this release , including “ Organic net sales , ” “ EBITDA , ” and certain “ adjusted ” results , are defined under the section entitled " Definitions . " See page 5 for more information . • Highlights • • • Third quarter net sales increased 8.5 % ; organic net sales increased 9.7 % , which is above the Company's guidance range . Operating margin increased 193 basis points to 16.2 % ; adjusted operating margin increased 31 basis points to 16.0 % , which is in- line with the Company's guidance range . Diluted earnings per share from continuing operations ( EPS ) for the third quarter grew 38.1 % to $ 0.58 , and adjusted EPS grew 25.5 % to $ 0.59 , which is in - line with the Company's guidance range . During the third quarter , the Company repurchased approximately 8.8 million shares of its common stock for $ 298 million . • The Company is providing guidance for the fourth quarter of fiscal 2021 : Organic net sales growth is expected in the range of ( 10 ) % to ( 12 ) % • ○ ○ Adjusted operating margin is expected in the range of 14 % to 15 % Adjusted EPS is expected in the range of $ 0.49 to $ 0.55 The Company is reaffirming its fiscal 2022 guidance . CEO Perspective Sean Connolly , president and chief executive officer of Conagra Brands , commented , “ We have made significant investments in our business over the past five - plus years , modernizing our products to generate consumer demand . Our strong third - quarter results benefited from these investments . We continued to invest in the business during the quarter , with a focus on ensuring our products are available both online and in stores , as we aim to maximize consumer acquisition during this period of heightened demand . " He continued , “ We remain confident that each of our retail domains – frozen , snacks , and staples - is well - positioned to sustain the benefits of the eat - at - home habits consumers have developed during the COVID - 19 pandemic . Our continued business momentum , coupled with our disciplined approach to investment , reinforce our confidence in the long - term potential of the business and our ability to create sustained value for our shareholders . We further demonstrated this confidence by repurchasing nearly $ 300 million of our common stock this quarter , which came after we raised our quarterly dividend 29 % earlier this fiscal year . "