Hormel Bests Earnings Projections

The Spam and Dinty Moore maker posted first-quarter profit of $218.9 million.

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Hormel Foods/PRNewswire

AUSTIN, Minn. (AP) β€” Hormel Foods Corp. on Thursday reported fiscal first-quarter profit of $218.9 million.

The Minnesota-based maker of Spam canned ham, Dinty Moore stew and other foods said it had profit of 40 cents per share. Earnings, adjusted for non-recurring costs, were 41 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The company posted revenue of $3 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $2.94 billion.

Hormel expects full-year earnings in the range of $1.51 to $1.65 per share, with revenue in the range of $12.2 billion to $12.5 billion.

Shares of the company rose $4.49 to $35.32 in Thursday trading.

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