NEW YORK (TheStreet) -- ConAgra Foods (CAG) - Get Report stock is falling 0.48% to $47.37 in late morning trading on Thursday after the Omaha, NE-based packaged food company reported disappointing revenue for the fiscal 2016 fourth quarter.
Revenue declined 9.5% to $2.83 billion for the quarter ended May 29, missing estimates of $2.89 billion.
Earnings of 52 cents per share were in line with estimates, but down 5% from earnings of 55 cents per share for the same quarter last year.
Sales from the consumer foods segment were down 11.9% to $1.69 billion, while sales from the commercial foods division declined 5.7% to $1.13 billion.
"[B]oth of our operating segments posted very good results, largely reflecting increased focus on expanding margins through continued supply chain productivity, better price/mix, and lower SG&A," CEO Sean Connolly said in a statement.
For the 2017 fiscal year, ConAgra expects comparable earnings per share to increase by double-digits, driven by productivity, price/mix and cost discipline initiatives.
Separately, ConAgra Foods has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's revenue growth, notable return on equity, good cash flow from operations, solid stock price performance and compelling growth in net income.
You can view the full analysis from the report here: CAG
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