Conagra Brands swung to a loss in the fiscal fourth quarter and cut its dividend, as new chief executive John Brase aims to strengthen the company with a more conservative spending strategy. The food manufacturer, which owns Orville Redenbacher's popcorn and Slim Jim meat sticks, on Wednesday posted a loss of $1.62 billion, or $3.37 a share, compared with a profit of $256 million, or 53 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 47 cents, ahead of the 46 cents anticipated by analysts, according to FactSet. Fourth-quarter revenue rose 3.6% to $2.88 billion. Analysts surveyed by FactSet forecast revenue of $2.89 billion.

The dividend reduction reflects Brase's focus on preserving cash and reducing debt after years of acquisition-driven growth. The company did not disclose the new dividend amount. Shares fell in premarket trading as investors digested the sizable writedown and strategic shift.