Hormel Sees Tough Start to New Fiscal Year

The company's profit and revenue fell short of forecasts.

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AUSTIN, Minn. (AP) β€” Hormel Foods Corp. on Thursday reported fiscal first-quarter earnings of $217.7 million.

The Minnesota-based company said it had profit of 40 cents per share.

The results did not meet Wall Street expectations. The average estimate of five 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 $2.97 billion in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $3.1 billion.

Hormel expects full-year earnings to be $1.70 to $1.82 per share.

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