Hormel Food Corp. reported net earnings of $195.7 million, or 36 cents per share, for the quarter ending in July, up 33 percent from the same period last year.
The Austin, Minn.-based food company beat expectations. The consensus among analysts surveyed by Thomson Reuters predicted 35 cents earnings per share.
The strong quarter led the company to increase guidance for the full year from the range of $1.56-to-$1.60 per share to $1.60-to-$1.64 per share.
Hormel's sales reached $2.3 billion, also beating analysts expectation for the quarter.
"We are pleased to announce exceptional results this quarter with three of our five segments delivering volume, sales and earnings growth. This is also our thirteenth consecutive quarter of record earnings which is a testament to our balanced business model," said Jeffrey M. Ettinger, chairman of the board and chief executive officer, in a statement.
Operating profit was up in its refrigerated foods, Jennie-O Turkey and international segments while remaining flat in grocery products and down in specialty foods.
Hormel is best known as the maker of Spam, but also owns a variety of brands, including Dinty Moore soup, Skippy peanut butter and Applegate natural and organic meats.
Kristen Leigh Painter • 612-673-4767
