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 AUSTIN, Minn. (AP) - Hormel Foods Corp., the maker of Spam canned meat and Jennie-O Turkey, said on Wednesday that fourth-quarter earnings rose more than 9 percent on strong sales of food ingredients and sugar substitutes.
It also forecast earnings for the current quarter above current Wall Street estimates. Its shares rose 3 percent.
Hormel said it earned $90 million, or 64 cents per share, for the three months ended Oct. 29, up from $82.2 million, or 59 cents per share, during the same period last year. Revenue rose to $1.56 billion from $1.48 billion a year ago.
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