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Hormel Foods Q2 Profit Rises; Backs 2018 Outlook

Hormel Foods Corp. (HRL), a leading global branded food company, reported that its net earnings attributable to the company for the second quarter of fiscal 2018 rose to $237.38 million or $0.44 per share from last year's $210.93 million or $0.39 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share. Analysts' estimates typically exclude special items.

Total net sales for the quarter grew to $2.33 billion from $2.19 billion last year. Wall Street expected revenues of $2.39 billion.

For fiscal year 2018, the company still expects earnings per share to be in the range of $1.81 - $1.95, and Net Sales of $9.70 billion - $10.10 billion. Wall Street currently is looking for fiscal year 2018 earnings of $1.84 per share on annual revenues of $9.79 billion.

Hormel Foods announced the retirement of Don Kremin, group vice president of Specialty Foods. In his 34-year career with Hormel Foods, Kremin held various management and leadership positions within the company's Grocery Products, Consumer Products Sales and Specialty Foods businesses.

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