ConAgra 4Q profit falls as it overhauls company

(AP) — ConAgra Foods Inc. said Thursday that its fiscal fourth-quarter profit fell 44 percent as it continued to overhaul its food production business, but the results met Wall Street expectations.

ConAgra reported fourth-quarter profit of $117.6 million, or 27 cents per share, as its executives settled into the company's new Chicago headquarters.

Revenue was reported as $11.64 billion.

Since last summer, ConAgra has sold off its private-label business to Treehouse Foods for $2.7 billion and announced plans to spin off its Lamb Weston frozen potato business later this year.

Citi analyst David Driscoll said the weak revenue and sales volume — combined with the lack of profit guidance for the next year — should be a concern for investors.