Hormel Foods Corp. reported Thursday a fiscal second-quarter net profit of $210.9 million, or 39 cents a share, compared with $215.4 million, or 40 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 40 cents. The branded food company said revenue for the quarter to April 30 slipped to $2.19 billion frmo $2.30 billion, below the FactSet consensus of $2.23 billion, as misses in grocery products and Jennie-O Turkey Store sales offset a beat in refrigerated foods sales. Looking ahead, the company expects results at Jennie-O Turkey Store will push 2017 EPS to the low end of the previously-provided guidance range of $1.65 to $1.71. "We expect the pressure on Jennie-O Turkey Store to continue for the remainder of the fiscal year given the oversupply in the turkey industry," said Chief Executive Jim Snee. The stock, which was still inactive in premarket trade, has gained 1.7% year to date, while the S&P 500 has climbed 7.4%.
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