Packaged food and meat products maker Hormel Foods Corp. (HRL) reported a marginal growth in first-quarter net earnings attributable to the company to $129.72 million, from $128.4 million a year before, with quarterly earnings per share amounting to $0.48, even with last year. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.48 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales reached $2.12 billion this quarter, up 3.8 percent from the prior year's $2.04 billion, while it missed consensus estimates of $2.14 billion.
According to the company, "We continue to generate solid top-line momentum with many of our franchises, as our broad portfolio of value-added products resonates with consumers. In terms of operating profits, strong results by our Specialty Foods, Grocery Products and All Other (International) segments offset weaker results by our Jennie-O Turkey Store segment. Results in our Refrigerated Foods segment, while even with a year ago, were hindered by poor pork processing margins."
For fiscal 2013, the company raising its earnings guidance to $1.93 - $2.03 per share from the prior forecast of $1.90 - $2.00 per share, while 11 analysts project annual earnings per share of $1.96.
For comments and feedback: editorial@rttnews.com