Hormel Posts $280M Profit

But its $3.3 billion in quarterly revenue fell short of expectations.

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AUSTIN, Minn. (AP) — Hormel Foods Corp. on Wednesday reported fiscal fourth-quarter profit of $279.9 million.

On a per-share basis, the Minnesota-based company said it had profit of 51 cents.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $3.28 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $3.29 billion.

For the year, the company reported profit of $1 billion, or $1.82 per share. Revenue was reported as $12.46 billion.

Hormel expects full-year earnings to be $1.83 to $1.93 per share with revenue in the range of $12.6 billion to $12.9 billion.

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