US branded food and meat manufacturer Hormel Foods has posted fourth-quarter earnings that show little change from last year, as improved margins made up for low retail prices caused by a glut of meat in the US market.
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Net income for the quarter ended 26 October was US$68.0m, or 49 cents per share, compared with $68.8m, or 49 cents per share, for the same quarter last year.
Analysts polled by Thomson First Call expected Hormel to earn between 47 and 50 cents per share, with an average estimate of 49 cents per share, reported Reuters.
