Hormel reports record fiscal year, 4Q earnings up 13 percent

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Hormel Foods Corp. said net income in its fiscal fourth-quarter was $132.6 million, up 13 percent from $117.3 million a year earlier, Fox Business reports. Strong sales of Spam and Jennie-O products helped offset declines in Hormel's refrigerated-foods business.

"We are pleased to have generated both segment profit and sales increases in four out of five segments. We continue to enjoy sales and volume growth in many of our value-added franchises, demonstrating that our growth strategies are working," Chairman, President and CEO Jeffrey Ettinger said in a news release.

The Austin, Minn.-based maker of Spam also reported profits for its 2012 fiscal year soared to a record $500.1 million, the Daily Herald reports.

Hormel's Board of Directors boosted its annual dividend, the 47th consecutive increase, to $.68 per share from $.60 per share.

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