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Hormel fourth-quarter net income rises 17 per cent
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The Associated Press
Date: Tuesday Nov. 23, 2010 8:20 AM ET
AUSTIN, Minn. — Hormel Foods Corp. says its fourth-quarter net income rose 17 per cent on better prices for turkey and lower grain costs.
The company cited strong sales for its Jennie-O Turkey Store and refrigerated foods divisions.
The maker of Spam, Dinty Moore stew and other prepared foods said its net income for the quarter was US$121.1 million, or 90 cents a share, compared with $103.9 million, or 77 cents a share, during the same period last year.
The performance easily topped Wall Street expectations and Hormel said it was boosting its annual dividend by 21 per cent, or 18 cents, to $1.02 per share.
Revenue for the quarter was $2.063 billion, compared to $1.675 billion last year.
The company said higher grain costs will be a risk in fiscal year 2011, and said it expects to earn between $3.10 and $3.20 per share.
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