UPDATE: Hormel Posts Decline In FQ1 Profit

Hormel Foods Inc HRL reported a drop in its fiscal first-quarter earnings. Hormel's quarterly net income fell to $128.4 million, or $0.48 per share, from $148.8 million, or $0.55 per share, in the year-ago period. However, analysts were expecting earnings of $0.48 per share. Hormel's net sales surged to $2.04 billion from $1.92 billion. However, sales by volume dropped 2%. Hormel's shares closed at $29.04 yesterday.