Adding comments from CEO interview in paragraph 7

By Neil J Kanatt

July 10 (Reuters) - Conagra Brands CAG.N forecast annual profit below Wall Street expectations on Thursday as it grapples with higher tariff-related costs for products, including its Hunt's ketchup, due to levies on imports from China and on metals.

The outlook signals how President Donald Trump's on-and-off trade policies with changing sector and country-specific tariffs are being felt by U.S. companies.

Conagra flagged an overall rise in the cost of goods sold at about 7% for the year, including a 3% hit from the tariffs.

Shares of the company, which also missed estimates for quarterly sales and profit, fell as much as 7.6% before recovering some ground.

"Consumer sentiment remains under pressure. The cumulative impact of inflation and economic uncertainty has led to value-seeking behaviors becoming even more pronounced," CEO Sean Connolly said.

The company plans to mitigate the tariff hit through an accelerated cost-savings plan, alternative sourcing and selective price hikes.

"These are small price changes, on a penny basis. They're not huge price changes, but it will be specifically targeted to the products that are costing us more due to the tariff-based inflation," Connolly told Reuters on Thursday.

Conagra said its canned food products are the most exposed to the duties, as materials such as tin plate steel have limited domestic supply and a 50% tariff rate.

The forecast also accounts for a 30% rate on limited imports from China and a 10% reciprocal rate on imports from certain other countries.

The Slim Jim snack maker said it expects its annual adjusted profit per share to be between $1.70 and $1.85, compared with analysts' average estimate of $2.19, according to data compiled by LSEG.

"While the severe cut (in profit forecast) is needed for the environment, it is too early to tell if it is enough," said Nik Modi, analyst at RBC Capital Markets.

Net sales fell 4.3% to $2.78 billion in the fourth quarter, compared with the estimate of $2.83 billion. Adjusted earnings per share of 56 cents missed expectations by 2 cents.

(Reporting by Neil J Kanatt in Bengaluru; Editing by Sahal Muhammed and Sriraj Kalluvila)

((Neil.JKanatt@thomsonreuters.com;))