U.S. Markets closed

Hormel: Fiscal 2Q Earnings Snapshot

AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Thursday reported fiscal second-quarter earnings of $282.4 million.

On a per-share basis, the Austin, Minnesota-based company said it had profit of 52 cents. Earnings, adjusted for non-recurring gains, were 46 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.34 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $2.37 billion.

Hormel expects full-year earnings to be $1.71 to $1.85 per share, with revenue in the range of $9.5 billion to $10 billion.

Hormel shares have declined 7.5% since the beginning of the year, while the Standard & Poor's 500 index has climbed 14%. The stock has risen 10% 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