Hormel Lifts Guidance As After Posting 'strong' Quarter

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Hormel Foods Corp. raised its earnings guidance on Thursday as it reported adjusted earnings that beat Wall Street forecasts. For its fiscal first quarter, Hormel said it earned 69 cents a share on an adjusted basis, compared to 57 cents in the year-ago basis. Analyst polled by FactSet Research were expecting the company to earn 64 cents. Hormel said it saw record sales in the period, a gain of 6.8% to $2.39 billion, versus the year-ago period. Hormel also lifted 2015 adjusted earnings guidance from $2.45 to $2.55 per share to $2.50 to $2.60, citing a "strong" quarter as the reason. Shares were inactive in premarket trading so far.

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