Overview

• First-quarter fiscal 2026 net sales were $2.63 billion, down 5.8% year over year, with adjusted EPS of $0.39, down 26.4%.
• Management maintained guidance for organic net sales growth of -1% to 1%, adjusted operating margin of 11.0%–11.5%, and adjusted EPS of $1.70–$1.85.
• Outlook assumptions include core inflation slightly above 4% and tariffs adding roughly 3% to annual cost of goods sold, taking total inflation into the low 7% range.
• Segment trends were broadly soft: Grocery & Snacks revenue fell 8.7%, Refrigerated & Frozen slipped 0.9%, International declined 18%, and Foodservice edged down 0.8%.
• Investor focus turned to income metrics as the $0.35 quarterly dividend yields about 7.7%, with outside analysis citing an implied payout ratio near 79% at midpoint guidance.