AUSTIN, Minn. (AP) — AUSTIN, Minn. (AP) — Hormel Foods Corp. (HRL) on Wednesday reported fiscal third-quarter net income of $176.7 million.
On a per-share basis, the Austin, Minnesota-based company said it had net income of 32 cents. Earnings, adjusted for non-recurring costs, came to 37 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.9 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $2.96 billion.
Hormel expects full-year earnings in the range of $1.57 to $1.63 per share, with revenue in the range of $11.8 billion to $12.1 billion.
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