Hormel Foods Corp. announced the largest dividend increase in the company’s history.
Its annual dividend rate raised by 23% to 74 cents a share.
Overall sales increased by 8% from 2006 to about $6.19 billion, while volume was up 3%.
In detail operating profits of the different sectors developed as follows: Grocery Products increased 3% (volume up 2%), Refrigerated Foods went up 17% (volume up 3%), Jennie-O Turkey Store fell down 17% (volume up 1%) and Specialty Foods rose 27% (volume up 4). All other operating profit increased 34% (volume up 20).
For the twelve months ended October 28, 2007, net earnings were $301.9 million (up 6 percent), compared to $286.1 million a year ago.
Looking ahead, Hormel said it expects 2008 per share earnings of $2.30 to $2.40.
Source: Hormel Foods Corp.