Hormel Foods Corporation reported its performance for the fiscal 2008 fourth quarter and full year.
The company reported fiscal 2008 fourth quarter net earnings of $67.8 million, a 33 percent decline from earnings of $101.2 million a year earlier. Sales totaled $1.86 billion, up from $1.66 billion in fiscal 2007.
For the 12 months ended October 26, 2008, net earnings were $285.5 million, down 4 percent compared with $301.9 million a year ago. Sales were $6.75 billion, up 9 percent from $6.19 billion in the same period a year earlier.
Jeffrey M. Ettinger, chairman of the board, president, and chief executive officer, said, "We announced a $.02 per share increase to our annual dividend, making the new dividend $.76 per share. This is the 43rd consecutive year in which we’ve increased our dividend."
