Hormel shells out $16.9M in annual profit-sharing bonuses

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Hormel Foods Corp. gave out a record $16.9 million in profit-sharing checks to its 1,750 eligible employees on Wednesday morning, the Post Bulletin reports. It's the 74th consecutive year the Austin-based maker of Spam and Dinty Moore stew has handed out the checks just before Thanksgiving.

“Our record year in net sales and earnings is a testament to our hard working and dedicated employees,” Jeffrey Ettinger, chairman of the board, president and CEO, said in a news release. “We are honored to be able to once again provide this benefit to our employees in recognition of their tireless efforts to drive our business forward.”

Hormel reported on Tuesday profits for its 2012 fiscal year soared to a record $500.1 million. Net income in its fiscal fourth-quarter was $132.6 million, up 13 percent from a year earlier.

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Austin-based Hormel gave out $16.5 million in profit sharing to its employees. The checks amounted to about two weeks of regular pay. The bonus checks were announced a day after Hormel released its fourth-quarter and annual earnings report.