Hormel Foods’ Profit Rises 17% in Quarter

Pork and turkey processor Hormel Foods Corp. said fiscal fourth-quarter profit climbed 17% because of a strong market for turkey meat, lower feed costs and improved production.

Net income rose to $81.7 million, or 59 cents a share, from $69.8 million, or 50 cents, a year earlier. Revenue increased 10% to $1.48 billion, lifted largely by acquisitions. Analysts predicted earnings of 57 cents a share and $1.51 billion in sales, according to Thomson Financial.

Hormel also said profit in 2006 will rise less than some analysts expected. Its shares fell $2.28, or 6.5%, to $32.74.

The company, based in Austin, Minn., announced that it made a $15-million profit-sharing distribution to eligible employees. The company has made the profit-sharing distributions on the eve of Thanksgiving Day since 1938.