Hormel 1Q net rises 34 percent, raises forecast
Tuesday, February 22, 2011
AUSTIN, Minn. (AP) — Hormel Foods Corp. says stronger sales drove its first-quarter net income up 34 percent, and it raised its full-year outlook.
The maker of Spam and Dinty Moore stew reported Tuesday that it earned $148.8 million, or 55 cents per share. That’s up from $111.2 million, or 41 cents per share, a year ago.
Revenue rose 11 percent to $1.92 billion, with particularly strong sales of Jennie-O turkey and refrigerator foods.
The results beat analyst expectations for earnings of 43 cents per share on revenue of $1.86 billion.
The company raised prices to offset higher ingredient costs and expects to continue to do so during the year.
Hormel, based in Austin, Minn., raised its full-year guidance from $1.55 to $1.60 per share to $1.62 to $1.68 per share. Analysts forecast $1.61.