Hormel profit matches expectations, sales and earnings outlook beat

Hormel Foods Corp. reported Tuesday fiscal fourth-quarter earnings that rose to $243.9 million, or 45 cents a share, from $187.2 million, or 35 cents a share, in the same period a year ago. That matched the FactSet consensus for earnings per share of 45 cents. The packaged foods company said revenue for the quarter to Oct. 30 increased to $2.63 billion from $2.40 billion, beating the FactSet consensus of $2.62 billion, as better-than-expected sales from refrigerated foods, grocery products and specialty products offset a miss for Jennie-O Turkey Store. For fiscal 2017, the company expects adjusted EPS of $1.68 to $1.74, above the FactSet consensus of $1.67, aided by favorable grain prices for its Jennie-O Turkey Store business and continued low input costs in refrigerated foods. The stock, which was still inactive in premarket trade, has dropped 12% year to date, while the S&P 500 has gained 7.6%.

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