AUSTIN, Minn. (AP) Hormel Foods Corp. (HRL) on Thursday reported fiscal third-quarter profit of $199.4 million. On a per-share basis, the Austin, Minnesota-based company said it had profit of 37 cents.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share. The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.29 billion in the period, which matched Street forecasts.
Hormel expects full-year earnings to be $1.71 to $1.85 per share, with revenue in the range of $9.5 billion to $10 billion. Hormel shares have fallen 4% since the beginning of the year, while the Standard & Poor's 500 index has climbed 17%. The stock has climbed 6.5% in the last 12 months.