AUSTIN, Minn. (AP) — Hormel Foods Corp.’s fiscal fourth-quarter profit fell 3 percent as sales at its grocery products segment declined.
The Austin, Minn.-based maker of Spam and other prepared foods also gave a 2012 earnings outlook above analysts’ expectations.
Hormel reported Tuesday that its net income fell to $117.3 million, or 43 cents per share, for the period ended Oct. 30. That’s down from $121.1 million, or 45 cents per share, a year earlier.
The results still beat analysts’ forecast of 42 cents per share. Its earnings per share were adjusted to account for a previously announced 2-for-1 stock split.
Revenue climbed 2 percent to $2.1 billion from $2.06 billion, but missed Wall Street’s $2.13 billion estimate.
Late Monday Hormel increased its annual dividend by 18 percent to 60 cents per share from 51 cents per share.
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