AUSTIN, Minn. (AP) — AUSTIN, Minn. (AP) — Hormel Foods Corp. (HRL) on Thursday reported fiscal second-quarter net income of $157.5 million.
On a per-share basis, the Austin, Minnesota-based company said it had profit of 29 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 40 cents per share.
The results exceeded Wall Street expectations. The average estimate of five 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 $2.97 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.94 billion.
Hormel expects full-year earnings in the range of $1.28 to $1.37 per share, with revenue in the range of $12.2 billion to $12.5 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HRL at https://www.zacks.com/ap/HRL
