US food group Hormel Foods has revealed the business performed better than expected during its fiscal third quarter, prompting the group to improve its forecast for annual earnings.

Hormel said today (10 August) that it now sees its full-year earnings per share reaching US$2.36-2.42, against its earlier estimate of $2.15-2.25 a share.

"A strong performance from our refrigerated foods segment, an improved performance by our Jennie-O Turkey Store segment and continued solid results from our grocery products segment, allowed us to deliver a stronger than expected third quarter," chairman, president and CEO Jeffrey Ettinger said. Hormel will publish its third-quarter results on 20 August.

In May, Hormel booked a fall in half-year profits despite second-quarter earnings rising. Hormel's half-year net earnings fell 2.5% to US$161.8m as first-half sales rose 2% to US$3.3bn.