Hormel Foods’ Profit Rises 17% in Quarter
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Pork and turkey processor Hormel Foods Corp. said fiscal fourth-quarter profit climbed 17% because of a strong market for turkey meat, lower feed costs and improved production.
Net income rose to $81.7 million, or 59 cents a share, from $69.8 million, or 50 cents, a year earlier. Revenue increased 10% to $1.48 billion, lifted largely by acquisitions. Analysts predicted earnings of 57 cents a share and $1.51 billion in sales, according to Thomson Financial.
Hormel also said profit in 2006 will rise less than some analysts expected. Its shares fell $2.28, or 6.5%, to $32.74.
The company, based in Austin, Minn., announced that it made a $15-million profit-sharing distribution to eligible employees. The company has made the profit-sharing distributions on the eve of Thanksgiving Day since 1938.
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