AUSTIN, Minn. – Hormel Foods Corp. , maker of Spam luncheon meat and Dinty Moore beef stew, said Wednesday its fiscal fourth-quarter earnings rose 13 percent, helped by strong turkey and Spam sales.
Hormel reported net income of $68.8 million, or 49 cents a diluted share for the quarter ended Oct. 27, compared with $60.98 million, or 44 cents a share, a year earlier.
Analysts' estimates ranged from 46 cents to 48 cents per share, for an average of 47 cents, according to research firm Thomson Financial/First Call. Hormel had said in August that it expected earnings of 45 cents to 50 cents a share.
Sales rose 11 percent to $1.1 billion from $1.0 billion a year earlier.