AUSTIN, Minn. (AP) — Hormel Foods Corp. on Wednesday reported fiscal fourth-quarter profit of $195.9 million.
On a per-share basis, the Minnesota-based maker of Spam canned ham, Dinty Moore stew and other foods said it had net income of 36 cents. Earnings, adjusted for one-time gains and costs, were 42 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
Hormel posted revenue of $3.2 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $3.26 billion.
For the year, the company reported profit of $793.6 million, or $1.45 per share. Revenue was reported as $12.11 billion.
Hormel expects full-year earnings in the range of $1.51 to $1.65 per share. Shares of the company's stock fell 5.1% in morning trading Wednesday following the weak profit forecast.
