AUSTIN, Minn. (AP) — Shares of Hormel Foods Corp., the maker of Spam canned ham, Dinty Moore stew and other foods, rose on Tuesday after the company reported fiscal first-quarter results that beat expectations on growth across most segments and raised its guidance for the year.
Shares rose more than 5 percent in morning trading.READ MORE: 'Unbelievable' Furniture Demand Causing Extreme Delivery Delays
The Austin, Minnesota-based company said net income during the three months ending Jan. 24 rose 37 percent to $235.1 million, or 43 cents per share, from $171.7 million, or 32 cents per share, last year. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The revenue fell 4.2 percent to $2.29 billion from in the period. Analysts expected $2.39 billion, according to FactSet.READ MORE: Unnecessary Roughness? Former Gophers Claim Tough Practices Ended Football Careers
Hormel raised its full-year earnings to be $1.50 to $1.56 per share, from previous guidance of $1.43 to $1.48 per share. Analysts expect $1.47 per share, according to FactSet.
Hormel shares rose $2.27, or 5.5 percent, to $43.77 in morning trading Tuesday. The stock is up 57 percent in the last 12 months.MORE NEWS: 'U' Officials: Several Students Robbed Of Cellphones In Past 5 Days On Minneapolis Campus
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