Hormel: Fiscal 3Q Earnings Snapshot
Aug. 23, 2018
AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Thursday reported fiscal third-quarter earnings of $210.2 million.
On a per-share basis, the Austin, Minnesota-based company said it had profit of 39 cents.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.36 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.4 billion.
Hormel expects full-year earnings to be $1.81 to $1.95 per share, with revenue in the range of $9.4 billion to $9.6 billion.
Hormel shares have climbed roughly 6 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 7 percent. The stock has climbed 12 percent in the last 12 months.