US food group Hormel Foods reiterated its full-year guidance today (20 August) as it posted a 49% increase in third-quarter net earnings.

For the period to 30 June, net earnings reached US$77.2m from $51.9m in the comparable period of 2008.

Sales, however, were down 6% from the previous year to $1.6bn as a result of planned reductions to the company’s turkey production and the effects of the economy on the business.

Hormel said it anticipates full-year results in its recently-announced range of $2.36 to $2.42 per share.