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Strategies & Market Trends : Value Investing
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To: robert b furman who wrote (60585)3/22/2018 9:33:27 AM
From: E_K_S  Read Replies (1) of 78774
 
The only moat they have is (1) loyalty of brand and/or (2) shelf space they buy in supermarket. Not at all a very large moat if at all.

ConAgra Foods reported their sales. It confirms the negative growth and lower margins:

Organic sales declined for ConAgra Foods in Q3

ConAgra Foods (NYSE: CAG) reports organic net sales declined 2.2% in Q3, reflecting reductions in retailer inventory levels.

Segment net sales: Grocery & Snacks: $838M (-1%); Refrigerated & Frozen: $689M (+3%); International: $223M (+9%); Foodservice: $224M (-6%).

Adjusted gross margin rate slipped 160 bps to 30%.

The company expects to repurchase ~$1.1B of shares of its common stock this year.

FY2018 Guidance: Net sales: ~150 bps higher than the organic net sales growth rate; Organic net sales: near the high end of -2% to flat; Adjusted operating margin rate: low end of 15.9% to 16.3%; Tax rate: 29% to 30%; Adjusted EPS: $2.03 to $2.05.

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The one area that popped out to me was Refrigerated & Frozen +3%. Could be a positive for AMNF w/ their products and maybe DF w/ their dairy products (and value of company owned refrigerated truck fleet). Maybe they use those trucks to deliver other product to market.

EKS
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