Hormel Foods 3Q profit up, lifts full-year outlook

[August 25, 2011]  AUSTIN, Minn. (AP) -- Hormel Foods Corp.'s fiscal third-quarter net income climbed 15 percent on solid sales of its grocery items and Jennie-O turkey products as well as strength abroad.

The maker of Dinty Moore stew and its namesake meats also lifted its full-year earnings outlook on Thursday due to its quarterly performance.

Hormel earned $98.5 million, or 36 cents per share, for the period ended July 31. That's up from $85.4 million, or 32 cents per share, a year earlier.

Analysts expected earnings of 34 cents per share.

Revenue rose 10 percent to $1.91 billion from $1.73 billion, beating Wall Street's $1.87 billion.

Hormel, based in Austin, Minn., now expects 2011 earnings of $1.70 to $1.75 per share, up from $1.67 to $1.73 per share. Analysts predict $1.71 per share.

[Associated Press]

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