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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 SOLID FIRST QUARTER RESULTS CHICAGO , October 7 , 2021— Today Conagra Brands , Inc. ( NYSE : CAG ) reported results for the first quarter of fiscal year 2022 , which ended on August 29 , 2021. All comparisons are against the prior - year fiscal period , unless otherwise noted . Certain terms used in this release , including “ Organic net sales , ” “ EBITDA , ” “ Two - year compounded annualized , ” and certain “ adjusted ” results , are defined under the section entitled “ Definitions . " See page 5 for more information . Highlights • • First quarter net sales decreased 1.0 % ; organic net sales decreased 0.4 % . On a two - year compounded annualized basis , fiscal 2022 first quarter net sales increased 5.3 % and organic net sales increased 7.0 % . • • • Operating margin decreased 534 basis points to 13.7 % ; adjusted operating margin decreased 604 basis points to 14.1 % . Diluted earnings per share from continuing operations ( EPS ) for the first quarter decreased 26.9 % to $ 0.49 , and adjusted EPS decreased 28.6 % to $ 0.50 . On a two - year compounded annualized basis , first quarter EPS increased 16.6 % and adjusted EPS increased 7.8 % . During the first quarter , the Company repurchased approximately 1.5 million shares of its common stock for approximately $ 50 million . The Company is reaffirming its fiscal 2022 adjusted EPS guidance and updating its expected path to achieving that guidance . The Company's updated fiscal 2022 guidance is as follows : о ○ ○ ○ CEO Perspective Organic net sales growth is expected to be approximately + 1 % versus prior guidance of approximately flat Gross inflation ( input cost inflation before the impacts of hedging ) is expected to be approximately 11 % versus prior guidance of approximately 9 % Adjusted operating margin is expected to be approximately 16 % , representing no change to prior guidance Adjusted EPS is expected to be approximately $ 2.50 , representing no change to prior guidance Sean Connolly , president and chief executive officer of Conagra Brands , commented , “ Overall , I am pleased with the results we delivered in the first quarter , which have kept us on - track with our profit plan for the year . Our team showed great agility in navigating the dynamic external environment . We continue to experience ongoing inflationary pressure , but expect the sustained elevated consumer demand and the comprehensive actions we have executed and expect to execute in the future , will enable us to successfully deliver our adjusted EPS guidance for the year . "