Hormel Beats Profit Expectations, Lifts Outlook
Hormel Foods Corp. reported Thursday fiscal third-quarter earnings that rose to $195.7 million, or 36 cents a share, from $146.9 million, or 27 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of 35 cents. Revenue grew to $2.30 billion from $2.19 billion, above the FactSet consensus of $2.26 billion, as grocery products, refrigerated foods and Jennie-O Turkey Store sales all beat expectations. The packaged foods company raised its 2016 EPS outlook to $1.60 to $1.64 from $1.56 to $1.60, compared with the FactSet consensus of $1.59. "We expect to show sales and earnings growth in fiscal 2017 and will provide a more definitive guidance range on our fourth quarter conference call in November," said Chief Operating Officer James Snee. The stock, which was still inactive in premarket trade, has dropped 8.1% year to date, while the S&P 500 has gained 6.8%.
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