CHICAGO (AP) — Conagra Brands Inc. reported higher profits for the year and quarter as the company emerges from a period in which it reshaped its product line, changed its name and moved its headquarters.
For its fiscal fourth quarter, the packaged foods giant earned $151.3 million, or 36 cents per share. A year earlier the company earned $117.6 million, or 27 cents per share.
Earnings, adjusted for one-time gains and costs, were 37 cents per share. That matched the expectations of analysts surveyed by Zacks Investment Research.
For more than a year Conagra has been in the midst of unloading several major divisions in order to focus on its consumer brands, which include Healthy Choice, Banquet and Chef Boyardee.
The company has recently sold private-label businesses and spun off other brands in an effort to cut costs. It also moved its headquarters to Chicago from its longtime home of Omaha, Nebraska and changed its name to Conagra Brands Inc. from ConAgra Foods Inc.
Conagra's quarterly revenue declined to $1.86 billion from $2.05 billion, but managed to meet Wall Street forecasts.
For the year, the company reported a profit of $639.3 million, or $1.46 per share, on revenue of $7.83 billion. Adjusted earnings were $1.74 per share.
Looking ahead, Conagra anticipates fiscal 2018 earnings in a range of $1.84 to $1.89 per share. Analysts polled by FactSet predict earnings of $1.88 per share.
The company said it met its fiscal 2017 goal of repurchasing $1 billion in stock and the board approved an additional repurchase of $1 billion in common stock.
