Hormel beats 4Q profit forecasts
Published 6:45 am Tuesday, November 24, 2015
Hormel Foods Corp. on Tuesday reported fiscal fourth-quarter earnings of $187.2 million.
On a per-share basis, the Austin, Minnesota-based company said it had profit of 69 cents. Earnings, adjusted for one-time gains and costs, were 74 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.4 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $2.54 billion.
For the year, the company reported profit of $686.1 million, or $2.54 per share. Revenue was reported as $9.26 billion.
Hormel expects full-year earnings to be $2.85 to $2.95 per share.
Hormel shares have climbed 33 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 1 percent. The stock has climbed 27 percent in the last 12 months.