NEW YORK — Hormel Foods Corp. announced a two-for-one split a day after reporting a strong fourth quarter and outlook.

The company is projecting higher sales from organic meats producer Applegate, which it bought earlier this year.

Chairman and CEO Jeffrey Ettinger said Wednesday that the split “demonstrates our confidence that we will continue to grow our sales and earnings.”

Shares hit an all-time high Tuesday.

The stock split, which would increase the number of shares to 1.6 billion from 800 million, requires shareholder approval.

On Tuesday, Hormel reported 2015 earnings of $686.1 million, or $2.54 per share, on revenue of $9.26 billion.

The company also reported fiscal fourth-quarter earnings of $187.2 million, or 69 cents per share.

Shares of Hormel Foods Corp. rose $2.08, or 3 percent, to $71.33 in afternoon trading Tuesday. They rose as high as $71.71 earlier in the day, an all-time high.

Hormel Foods Corp., based in Austin, Minnesota, set Jan. 26 as the record date for shareholders to be eligible for the split. It would be effective around Feb. 9.