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Hormel Foods (HRL 38.15, -0.74) reported fiscal fourth quarter earnings that topped estimates and while revenue came in a bit below expectations, the company raised its dividend and issued upside earnings guidance for fiscal 2010.

Hormel reported fourth quarter earnings of $0.77 per share, $0.09 better than the First Call consensus of $0.68.

Revenues fell 10.0% year-over-year to $1.68 billion, shy of the $1.82 billion consensus.  Hormel said that volume was down 3% from 2008.

"Although we are pleased with our earnings, we experienced disappointing sales in the fourth quarter," said CEO Jeffrey M. Ettinger.  "The decline in sales was attributable in part to lower commodity costs reflected in lower pricing in our pork and turkey complex, planned production reductions at Jennie-O Turkey Store, product rationalizations and some difficult comparisons from the prior year. In addition, we were also faced with a continued weak consumer environment that hampered sales efforts during the quarter."

The company issued upside guidance for fiscal 2010, saying that it sees earnings between $2.63 and $2.73 per share.  The forecast tops the current consensus estimate of $2.59 per share.

Separately, Hormel announced an $0.08 per share increase to its annual dividend, making the new dividend $0.84 per share.

Medtronic (MDT 43.05 +2.74) reported second quarter results this morning, which were modestly higher than expectations. Separately, the company raised its fiscal year 2010, pushing it above consensus estimates.

The company reported second quarter earnings of $0.77 per share, which was $0.03 better than the First Call consensus, while revenue rose 7.5% year-over-year on the quarter to $3.84 billion, slightly better than the $3.75 billion consensus.

Revenue outside the United States of $1.541 billion grew 12% compared to the same period last year, or 13% on a constant currency basis, accounting for 40% of Medtronic's worldwide revenue.

For the fiscal year 2010, the company decided to raise its earnings guidance to $3.17 to $3.22 per share, excluding non-recurring items, which is above consensus of $3.15. The new guidance is up from the prior guidance of $3.10 to $3.20 per share. 

Medtronic also reiterated its 5% to 8% constant currency revenue growth outlook for the foreseeable future and believes that the 5% to 8% constant currency growth rate remains reasonable for the second half of fiscal year 2010.

Dollar Tree (DLTR 51.87 +2.77) reported third quarter earnings and revenue this morning, which topped Wall Street estimates.

The company reported earnings of $0.76 per share for the third quarter, which was $0.10 better than the First Call consensus of $0.66. Revenue rose 12.1% to $1.25 billion, only slightly better than the $1.24 billion consensus.

Operating margins rose 240 basis points during the quarter to 8.6% due to a 130 basis point increase in gross margin and a 110 basis point reduction in Selling, General and Administrative expenses.

For the fourth quarter, the company is expecting earnings per share in the range of $1.30 to $1.39 per share, which is in-line with consensus of $1.35, while revenue is expected to be $1.49 billion to $1.53 billion, also in-line with consensus which is $1.53 billion.

Hewlett-Packard (HPQ 51.02) reported fiscal fourth quarter results Monday evening that matched its preannouncement from Nov. 11 and reaffirmed its recently raised fiscal 2010 outlook.

Hewlett-Packard reported fourth quarter earnings of $1.14 per share, matching the Nov. 11 preannouncement and a penny better than the $1.13 consensus.

Revenues fell 8% year-over-year to $30.8 billion, also matching the preannouncement but slightly ahead of the $30.36 billion consensus.

HP said revenue for Q4 was down 17% in Europe, the Middle East and Africa and 1% in Asia Pacific to $11.7 billion and $5.4 billion, respectively. When adjusted for the effects of currency, revenue was down 1% in the Americas while declining 10% in Europe, the Middle East and Africa and 1% in Asia Pacific versus the prior-year period.

Revenue from outside of the United States in the fourth quarter accounted for 64% of total revenue, with revenue in the BRIC countries (Brazil, Russia, India and China) declining 4% over the prior-year period while accounting for 10% of total HP revenue. China revenue increased more than 20% from the prior year.

HP reaffirmed its outlook for its fiscal first quarter.  The company expects earnings to range from $1.03 to $1.05 per share; the consensus expects $1.04.  HP projects first quarter revenues ranging from $29.6 billion to $29.9 billion; the consensus currently expects $29.70 billion.

HP also reaffirmed its full year 2010 guidance, saying that it expects non-GAAP earnings of $4.25 to $4.35 per share (consensus at $4.31) on revenues of $118 billion to $119 billion (consensus $119.06 billion).

Shares of HPQ are 40.6% higher year-to-date.