USA: Hormel Foods increases Q4 earnings guidance
US consumer-branded meat and food products firm Hormel Foods has increased its fourth-quarter earnings guidance, boosted by better-than-expected results from the Jennie-O Turkey Store and grocery products divisions.
The company, which makes Spam luncheon meat, said that it expects earnings for the fourth quarter ending 30 October 2005 to be in the range of 56 to 59 cents per share, compared to its previous guidance range of 50 to 56 cents per share.
"Exceptional market conditions and good growth from value-added products within the Jennie-O Turkey Store segment delivered better-than-expected results for the quarter. Also, strong demand for key brands within the grocery products segment benefited the quarter beyond our expectations," said Joel Johnson, chairman of the board and chief executive officer.
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