Conagra Brands reported fiscal 2027 first-quarter net sales of $2.596 billion, down 1.4% from a year earlier but above the $2.589 billion analyst estimate. GAAP diluted earnings rose 5.9% to $0.36 per share, net income increased 6% to approximately $174 million, and adjusted EPS rose 5.1% to $0.41, exceeding the $0.28 estimate. Organic net sales declined 1.1% and adjusted operating margin fell 33 basis points to 11.5% as inflation, lower volumes and unfavorable operating leverage outweighed productivity gains. Conagra reaffirmed fiscal 2027 guidance, including adjusted EPS of $1.40 to $1.50 and an organic net sales decline of 1% to 3%. CEO John Brase said the company is advancing margin restoration, increased investment, simplification and capital-allocation priorities, including an exit from the Celeste frozen pizza business. Advertising and promotion investment rose 15%, producing about four times as many media impressions and a 35% improvement in media productivity. Foodservice posted its fifth straight quarter of organic growth, while inflation is projected at the higher end of the company's 5% to 6% full-year range and volume is expected to decline by the mid-single-digits.