UPDATE: Hormel Posts Rise In Q1 Profit, Lifts Full-Year Forecast
Hormel Foods (NYSE: HRL) reported a 1% rise in its fiscal first-quarter earnings.
It lifted its full-year earnings forecast by $0.03 per share to $1.93 to $2.03 per share
Hormel's quarterly profit climbed to $129.7 million, or $0.48 per share, from $128.4 million, or $0.48 per share, in the year-ago period.
Its sales rose 3.8% to $2.12 billion. However, analysts were expecting earnings of $0.48 per share on revenue of $2.14 billion.
Its gross margin declined to 16.3% from 16.5%.
Hormel shares closed at $36.12 yesterday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.