ConAgra Foods Inc. (NYSE: CAG) reported fiscal fourth quarter and full-year 2016 results before markets opened Thursday morning. The food processor and packager reported quarterly adjusted diluted earnings per share (EPS) of $0.52 on revenues of $2.83 billion. In the same period a year ago, ConAgra reported EPS of $0.55 on revenue of $3.13 billion. Fourth-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.52 and $2.89 billion in revenue.

For the full year fiscal 2016, adjusted diluted EPS from continuing operations totaled $2.08 compared with $1.93 in fiscal 2015. Full-year revenues totaled $11.64 billion compared with $11.94 billion in the prior year. Analysts had estimated EPS of $2.10 and revenues of $11.71 billion.

In its outlook statement ConAgra said it expects to complete a separation that it first announced last November in the fall of this year. The split will result in two companies, Conagra Brands and Lamb Weston. The separation is structured as a tax-free spinoff of the Lamb Weston business. ConAgra will report first fiscal quarter results as a consolidated enterprise in September and the company said it expects double-digit year-over-year EPS growth as a result of “the productivity, price/mix, and cost discipline initiatives underway, as well as lower interest expense.”

The current consensus estimates for the quarter call for EPS of $0.49 and revenues of $2.8 billion. For the 2017 fiscal year analysts are looking for EPS of $2.41 and revenues of $11.78 billion.

CEO Sean Connolly said:

Fiscal 2016 was a year of tremendous accomplishment and progress, as we reshaped the portfolio, strengthened the balance sheet, and transformed our culture. Specifically, we divested the Private Brands operations, repaid approximately$2.5 billion of debt, announced plans to spin-off Lamb Weston and sell other parts of the Commercial Foods segment, and prepared to move our headquarters to Chicago as part of becoming more lean and agile.

Amidst all of this change, both 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. In the near term, we will remain focused on these areas while pursuing targeted and impactful marketing and innovation to deliver consistent margin and profit improvement.

Shares traded down about 3.4% in Thursday’s premarket at $46.00 in a 52-week range of $37.97 to $47.94. The consensus price target on the stock is $50.00.

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