Jennie-O's profit rose 122 percent. Hormel, like other meat companies, has had to pay higher prices for beef and pork because of smaller cattle and hog herds and strong meat exports. In addition, high corn prices, the result of more corn going to exports and to make ethanol, increased production costs for the nation's poultry producers. "We expect to see higher input costs the balance of the year, and our team will continue to tackle the challenge of offsetting these added costs with pricing and efficiency gains," said Ettinger. Net income in the fiscal first quarter ended Jan. 30 was $148.8 million, or 55 cents per share, up from $111.2 million, or 41 cents per share, a year earlier. Sales rose 11 percent to $1.92 billion. Analysts, on average, were expecting 43 cents a share on revenue of $1.86 billion, according to Thomson Reuters I/B/E/S. Hormel raised its full-year earnings forecast to a range of $1.62 to $1.68 a share, up from its earlier view of $1.55-$1.60.