Hormel Foods Corp. reported Thursday a fiscal first-quarter profit of $235.1 million, or 44 cents a share, compared with a profit of $235.2 million, or 43 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 45 cents. Revenue slipped to $2.28 billion from $2.29 billion, matching the FactSet consensus of $2.28 billion, as growth in grocery products and Jennie-O Turkey sales offset declines in refrigerated foods, specialty foods and international sales. Volume declined 2% from a year ago. The company said it cut its 2017 EPS outlook to $1.65 to $1.71, which compares with the FactSet consensus of $1.71, because of challenging market conditions in the turkey industry. "We are tempering our full year outlook for the Jennie-O Turkey Store segment given the shortfalls in the first quarter and the expected continuation of pricing pressure due to low commodity turkey prices," said Chief Executive Jim Snee. The stock, which was still inactive in premarket trade, has dropped 14% over the past 12 months, while the S&P 500 has gained 23%.
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