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Hormel meets 1Q profit forecasts

AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Thursday reported fiscal first-quarter net income of $303.1 million.

The Austin, Minnesota-based company said it had net income of 56 cents per share. Earnings, adjusted for pretax gains, were 44 cents per share.

The results matched Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of 44 cents per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.33 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.4 billion.

Hormel expects full-year earnings to be $1.81 to $1.95 per share, with revenue in the range of $9.7 billion to $10.1 billion.

Hormel shares have dropped 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 1 percent. The stock has declined 13 percent in the last 12 months.

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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