Hormel Foods Corporation (NYSE: HRL) released its financial results for the third quarter that exceeded the Street estimates. The company also boosted its forecast for the fiscal year above expectations.
The company reported net earnings of $195.7 million compared to $146.9 million in the year-ago period representing an increase of 33 percent on a year-over-year basis. Its EPS also jumped 33 percent from $0.27 to $0.36 and came in above the Street expectations by a penny.
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Hormel Foods' net sales advanced 5 percent to $2.3 billion in the third quarter driven by one percent volume growth. Analysts' expected the company to generate revenue of $2.26 billion.
Commenting on the results, chairman and CEO, Jeffrey Ettinger, said, "Excellent results in Refrigerated Foods were driven by the addition of the Applegate business, foodservice sales of OLD SMOKEHOUSE® bacon, HORMEL® BACON 1™ fully cooked bacon, and HORMEL® FIRE BRAISED™ meats, and retail sales of HORMEL® NATURAL CHOICE® meats. Jennie-O Turkey Store also returned to growth, posting strong double-digit sales and earnings increases."
Moving ahead, the company lifted its full year EPS outlook from $1.56 to $1.60 to $1.60 to $1.64. Street is looking for an EPS of $1.59.
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