Del Monte Foods Inc.'s (DLM) fourth-quarter profits beat Wall Street estimates, and the company forecasted full-year earnings also above views.

"We will certainly keep an eye out for acquisition opportunities to grow our business. Where we would look to do that would most likely be in pet, where there is a higher availability of smaller niche acquisitions," Chief Executive Richard Wolford told Reuters.

For the quarter, the company had a profit of $63.7 million, or 31 cents a share, off from $71.5 million, or 36 cents, a year ago.

The company also okayed an 80% increase in dividend and a share buyback plan of up to $350 million over three years.

The full year earnings estimate is $1.38 to$1.42 versus estimates of $1.31.