Hormal Beats First Quarter Profit Forecasts

AUSTIN, Minn. (AP) — Hormel Foods Corp. (HRL) on Tuesday reported fiscal first-quarter earnings of $235.1 million.

The Austin, Minnesota-based company said it had profit of 43 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.29 billion in the period.

Hormel expects full-year earnings to be $1.50 to $1.56 per share.

Hormel shares have more than doubled since the beginning of the year, while the Standard & Poor's 500 index has declined almost 2 percent. The stock has nearly tripled in the last 12 months.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)