Austin, TX - Hormel Foods Corp said fiscal 1997 results improved despite unfavorable pork and turkey industry conditions.
"The difficult outside pressures impacting our business, principally reduced hog supplies, continued high pork raw material costs and soybean meal prices that remained above historic levels, posed ongoing challenges to operate efficiently and develop acceptable margins for our products," Joel Johnson, chairman, said in a statement.
Earlier, Hormel reported earnings for the fourth quarter ended October 25 of $0.59 a share, up from $0.40 a year ago. For the year, it earned $1.43 a share, up from $1.04.
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