Hormel reports higher quarterly profit

Tue Nov 20, 2012 6:47am EST

Nov 20 (Reuters) - Hormel Foods Corp reported higher quarterly earnings on Tuesday as losses in the company's hog operations were offset by profit gains in other parts of the business.

The seller of Spam canned ham, Hormel meats and Jennie-O turkeys said net income had risen to $132.6 million, or 49 cents per share, in the fourth quarter ended on Oct. 28 from $117.3 million, or 43 cents per share, a year earlier.

Net sales rose to $2.17 billion from $2.10 billion.

The company forecast fiscal 2013 earnings of $1.90 to $2.00 per share.