Hormel Foods Reports Earnings of 90 Cents Per Share

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Hormel Foods Corp. (HRL) reported earnings of 90 cents per share for the final quarter of fiscal 2010, compared with 77 cents per share a year earlier.

Sales rose 23% from a year earlier to $2.1 billion, the company said in a statement.

"We hit the seven billion dollar mark in annual sales for the first time in our Company's history, fueled by sales growth across all five of our segments," said CEO Jeffrey M. Ettinger.

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For the full fiscal year, Hormel posted earnings of $2.92 per share, compared with $2.53 per share in fiscal 2009. Sales for the year rose 11% to $7.2 billion.

Hormel forecast earnings per share of $3.10 to $3.20 for fiscal 2011.

"We have solid top-line momentum heading into fiscal 2011," Ettinger said.

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