This High-Yield Food Giant Will Focus on Its Balance Sheet for Fiscal 2024
Food giant Conagra (NYSE: CAG) has been publicly traded since 1971 and is known for managing brands like Birds Eye, Healthy Choice, Slim Jim, Duncan Hines, and Vlasic. The company entered 2020 (and the coronavirus pandemic) carrying a heavy debt load that it couldn't address because of the widespread impact of the pandemic.
As Conagra looks to fiscal 2024 (started May 29), reducing leverage is going to be a key goal. Here's why investors should care.
No company was ready for a global pandemic that hit in the spring of 2020, so it isn't fair to suggest that Conagra was somehow uniquely taken by surprise. In 2019, its debt load was elevated following its 2018 purchase of Pinnacle Foods. To put a number on that, long-term debt increased by 215% in 2018 and was still up 185% over 2018's starting point by the beginning of 2020.
Source Fool.com
