NEW YORK (TheStreet) --Before the market open on Tuesday Hormel Foods (HRL) reported fiscal 2016 fourth quarter earnings of 45 cents per share, matching the FactSet consensus. Revenue for the period increased to $2.63 billion, beating the FactSet consensus of $2.62 billion.
"Another very strong fourth quarter, wrapping up another great year for our company," CEO Jim Snee said on CNBC's "Squawk Box" this morning. "We had three of our five business units show growth, which really supports our balanced business model approach."
Year-over year, Hormel's refrigerated foods business rose 51%. Sales in its grocery products segment increased 16%. Profit from the company's Jennie-O Turkey Store segment climbed 26%.
However, Hormel's international profit declined 16% in the quarter as high costs for meat combined with soft retail demand continue to hinder the China meat business.
"We have talked a lot about our desire to become more global over time. We believe that is the right strategic growth opportunity," Snee said.
Domestically, Hormel will continue to offer its signature spam and chili products, but Snee said it also wants to expand.
"We're also going to continue to have a strong presence in the perimeter of the store with our refrigerated foods portfolio. We want to make sure we are where the consumer wants to be," Snee stated.
Shares of Hormel Foods were climbing in pre-market trading on Tuesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, revenue growth, notable return on equity and largely solid financial position with reasonable debt levels by most measures.