Hormel: Fiscal 4Q Earnings Snapshot
AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Tuesday reported fiscal fourth-quarter earnings of $261.4 million.
On a per-share basis, the Austin, Minnesota-based company said it had net income of 48 cents. Earnings, adjusted for asset impairment costs, were 51 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.52 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $2.56 billion.
For the year, the company reported profit of $1.01 billion, or $1.86 per share. Revenue was reported as $9.55 billion.
Hormel expects full-year earnings to be $1.77 to $1.91 per share, with revenue in the range of $9.7 billion to $10.2 billion.
Hormel shares have risen 25 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 1 percent. The stock has climbed 37 percent in the last 12 months.