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Hormel: Fiscal 1Q Earnings Snapshot

AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Thursday reported fiscal first-quarter profit of $241.4 million.

On a per-share basis, the Austin, Minnesota-based company said it had profit of 44 cents.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.36 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $2.4 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 increased 1 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 11 percent. The stock has increased 28 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HRL at https://www.zacks.com/ap/HRL