Hormel Reports $261M Profit

The maker of Spam and Dinty Moore posted better-than-expected second-quarter results.

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Hormel Foods

AUSTIN, Minn. (AP) β€” Hormel Foods Corp. on Thursday reported fiscal second-quarter profit of $261.6 million.

The Minnesota-based company said it had net income of $0.48 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $0.46 per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $3.1 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $3.03 billion.

Hormel expects full-year earnings to be $1.87 to $1.97 per share with revenue in the range of $11.7 billion to $12.5 billion.

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