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.
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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.
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By GlobalData
