Hormel beats 4Q profit forecasts
Hormel Food's turkey business continues to rebound from last spring's avian flu outbreak.
While turkey profits at the Austin, Minn.-based company were down nearly 23 percent in the fourth quarter, CEO Jeff Ettinger said the company is almost back to full production.
"We have now completed the re-population of all of our turkey barns. We have not experienced any new outbreaks thus far into the fall migration of wild birds," he said.
Ettinger said the company will work with government agencies and other organizations as they study the virus to try to control future outbreaks.
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
Strong performance by other Hormel products offset the impact of avian flu impact. The company's net income rose 9 percent to $187 million. On a per-share basis, the company earned a profit of 69 cents.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
Hormel shares have climbed 33 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent. The stock has climbed 27 percent in the last 12 months.
The Associated Press contributed to this report.