AUSTIN, Minn. (AP) — AUSTIN, Minn. (AP) — Hormel Foods Corp. (HRL) on Thursday reported fiscal first-quarter profit of $218.9 million.
The Austin, Minnesota-based company said it had profit of 40 cents per share. Earnings, adjusted for non-recurring costs, were 41 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $3 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $2.94 billion.
Hormel expects full-year earnings in the range of $1.51 to $1.65 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