(Updates with the dividend cut in the sixth paragraph.)

Conagra Brands (CAG) reported fiscal Q4 adjusted earnings Wednesday of $0.47 per diluted share, down from $0.56 a year earlier.

Analysts surveyed by FactSet expected $0.46.

Net sales for the fiscal quarter ended May 31 rose to $2.88 billion from $2.78 billion a year earlier.

Analysts expected $2.89 billion.

The company expects fiscal 2027 adjusted EPS of $1.40 to $1.50. Analysts project $1.56.

Conagra also halved its quarterly dividend to $0.175 a share, payable on Sept. 2 to stockholders of record July 30.

The company's shares rose 0.6% in Wednesday trading, erasing earlier declines.

Price: 14.24, Change: +0.08, Percent Change: +0.60