Hormel Foods Corp. closed out 2016 on a strong note, reporting a record performance for the fourth quarter, and for the year.

Officials reported net earnings of $244 million for the fourth quarter, up 30 percent from 2015. The company also reported record dollar sales of $2.6 billion, a 9 percent increase. The fourth quarter and full year of 2016 contains an extra week as compared to the prior year. All earnings per share measures are adjusted to reflect the two-for-one stock split distributed in February 2016, according to a press release, and a conference call held with investors on Tuesday morning.

“We had a strong finish to fiscal 2016, achieving record earnings for the 14th consecutive quarter,” said Jim Snee, president and chief executive officer. “Three of our five business segments delivered sales, volume, and earnings growth, again demonstrating our balanced business model.”

Officials also announced Tuesday the company had reached a deal to sell Clougherty Packing, LLC, parent company of Farmer John and Saag’s Specialty Meats, along with PFFJ, LLC farm operations in California, Arizona, and Wyoming to Smithfield Foods Inc. for $145 million in cash.

Two of the company’s business segments, Refrigerated Foods and Jennie-O Turkey Store, both had excellent fourth quarters with growth coming from value-added, branded products and improved market conditions, Snee said.

Its Grocery Products segment also enjoyed a strong quarter, boosted by the inclusion of the Justin’s specialty nut butter business.The company’s Specialty Food sales declined, primarily due to the divestiture of Diamond Crystal Brands in May, although sales of Muscle Milk protein products were strong, Snee said.

“Specialty Food earnings decreased primarily due to increased advertising,” Snee said. “Our International segment had a tough quarter as the team continues to work through challenging market conditions in China.”

The company outlook is strong for the new year, Snee said.

“In fiscal 2017, we expect to generate organic sales growth consistent with our long-term goal of five percent coupled with mid-single-digits earnings growth,” said Snee. “Grocery Products is positioned to deliver an excellent year aided by the inclusion of Justin’s specialty nut butters and contributions from branded products such as Skippy peanut butter and Herdez salsas. Jennie-O Turkey Store should benefit from favorable grain prices and increasing demand for Jennie-O branded products. We anticipate continued low input costs for our value-added products in Refrigerated Foods in addition to positive momentum in both retail and foodservice channels,” he said.

“We expect the International segment to show growth through increased exports and improved results from our China business,” he added. “Specialty Foods is expected to show year-over-year sales and earnings growth net of the Diamond Crystal Brands divestiture and will benefit from continued strong results from Muscle Milk protein products.

“Taking all these factors into account and considering the previous three years of strong double-digit earnings increases, we would have expected our fiscal 2017 earnings guidance range to be $1.71 to $1.77 per share,” Snee said. “However, after excluding earnings from the Farmer John divestiture of approximately 3 cents per share, we are setting our fiscal 2017 earnings guidance range at $1.68 to $1.74 per share.”

Jim Sheehan, the company’s chief finance officer, said 2017 pork prices are expected to be similar to this year’s prices. The company, said Snee, will continue to look for opportunities that align itself with the company’s push to global, multicultural, “on the go,” healthy and holistic goals.

In other news Tuesday, Hormel announced its 51st consecutive annual dividend increased, $0.68 per share from $0.58 per share.

Fourth quarter results at a glance

• Refrigerated Foods operating profit up 51 percent; volume up 9 percent; dollar sales up 8 percent.

• Jennie-O Turkey Store operating profit up 26 percent; volume up 32 percent; dollar sales up 29 percent.

• Grocery Products operating profit up 5 percent; volume up 12 percent (sales of Justin’s products contributed 2 percent to volume growth); dollar sales up 16 percent (sales of Justin’s products contributed 6 percent to sales growth).

• International and Other operating profit down 16 percent; volume up 11 percent; dollar sales up 2 percent.

• Specialty Foods operating profit down 10 percent; volume down 29 percent ; dollar sales down 20 percent.