US food company ConAgra Foods has reported a drop in quarterly profit due to a charge related to the chicken business it is currently selling.
ConAgra posted fiscal fourth-quarter earnings of US$150.4m, or 28 cents a share, compared with $192.2m, or 36 cents a share, a year earlier.
Excluding the charge to write down assets of the chicken business and other losses from discontinues operations, profit was 42 cents a share. Analysts had on average forecast 41 cents a share, with estimates ranging from 40 to 42 cents, reported Reuters.
ConAgra reported sales of $3.91bn, down 33.5% due to recent divestitures.