NEW YORK — Hormel Foods Corp.’s fiscal fourth-quarter profit slipped 3 percent as higher commodity costs and lower pork operating margins pressured its refrigerated foods segment.

The performance still topped Wall Street estimates and the food company gave earnings guidance for 2012 that topped analysts’ current expectations.

The maker of Spam, Dinty Moore stew and other prepared foods reported Tuesday that its net income fell to $117.3 million, or 43 cents per share, for the period ended Oct. 30. That’s down from $121.1 million, or 45 cents per share, a year earlier.

But the results beat the 42 cents per share that analysts surveyed by FactSet forecast. Its earnings per share were adjusted to account for a previously announced 2-for-1 stock split.

There was also one less week in the current quarter.

Revenue edged up 2 percent to $2.1 billion from $2.06 billion but missed Wall Street’s $2.13 billion estimate.

The biggest drag seemed to come from Hormel’s refrigerated foods division, where its operating profit fell 19 percent because of declining pork operating margins and increased commodity costs.

Like many food makers, Hormel has grappled with rising costs for everything from ingredients to packaging and has raised its prices over the past year to try to alleviate some of the pressure.

On Monday, Tyson Foods Inc. reported that its fourth-quarter net income slipped as higher grain costs offset better prices and revenue, particularly in its chicken business.

Hormel said that sales for the grocery products division, which makes up 13 percent of total revenue, dipped 2 percent.

But the company’s remaining segments reported sales increases. The biggest gain was in a segment mostly comprised of Hormel Foods International, which reported a 12 percent sales increase. The company said the unit’s results were mostly driven by better fresh pork exports.

Sales for the specialty foods unit rose 10 percent, while Jennie-O Turkey Stores sales gained 2 percent. Jefferies & Co. analyst Jeff Farmer said in a client note that the turkey segment performance was better than expected and that its margin resiliency was impressive “given that Hormel continues to cycle very favorable feed contracts.”

The refrigerated foods division posted a 1 percent sales increase, helped by sales of Hormel convenience bacon and Hormel Cure 81 hams in the meat products group and Hormel Natural Choice deli meats and pizza toppings in the foodservice group.

Hormel’s full-year earnings rose 20 percent to $474.2 million, or $1.74 per share, from $395.6 million, or $1.46 per share, in the prior year. Annual revenue increased 9 percent to $7.9 billion from $7.22 billion.

The Austin, Minn., company anticipates 2012 earnings in a range of $1.79 to $1.89 per share. Analysts expect earnings of $1.77 per share for the year.

Chairman, President and CEO Jeffrey Ettinger said in a statement that Hormel expects its grocery products, specialty foods and the division with the international business to drive its fiscal 2012 profit growth. He cautioned that comparisons will likely be more difficult in the first half of the year, getting more favorable later in the year.

Late Monday, Hormel increased its annual dividend by 18 percent to 60 cents per share from 51 cents per share.

Its shares finished at $28.83 on Monday. That is closer to the upper end of their 52-week range of $23.65 to $30.50.