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AUSTIN, Minn. (AP) — Hormel Foods Corp. on Thursday reported fiscal first-quarter net income of $181.8 million.
On a per-share basis, the Minnesota-based company said it had profit of 33 cents. Earnings, adjusted for one-time gains and costs, were 34 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $3.03 billion in the period.
Hormel expects full-year earnings in the range of $1.43 to $1.51 per share.
