UPDATE: Hormel Foods Posts 19% Rise In FQ4 Profit, Raises Dividend

Hormel Foods HRL reported a 19% rise in its fiscal fourth-quarter profit. Hormel's quarterly profit surged to $157.3 million, or $0.58 per share, versus a year-ago profit of $132.6 million, or $0.49 per share. Its sales climbed 7.1% to $2.32 billion. However, analysts were expecting earnings of $0.54 per share on sales of $2.3 billion. For its new fiscal year, Hormel expects earnings of $2.17 to $2.27 per share, versus analysts' estimates of $2.24 per share. Hormel raised its quarterly dividend to $0.20 from $0.17 per share. Hormel shares closed at $42.44 yesterday.