Hormel Foods Corp (HRL) reported fourth quarter net earnings of $103.88 million or $0.77 per share, compared to $67.81 million or $0.50 per share last year. The company noted that the prior year results include retrospective reclassification of shipping and handling expenses to cost of products sold from selling, general and administrative.
On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share. Analysts' estimates typically exclude special items.
Net sales declined to $1.68 billion from $1.86 billion in the same quarter last year. Seven analysts estimated revenues of $1.82 billion.
Moving ahead, the company said it is setting its fiscal 2010 earnings guidance range at $2.63 to $2.73 per share.
Analysts expect the company to earn $2.59 per share, on revenues of $6.98 billion.
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