Packaged foods maker Hormel Foods Corporation ( HRL ) on Thursday posted a 15% gain in fiscal third quarter earnings and raised its full-year outlook.
The Austin, MN-based company reported fiscal third quarter net income $98.5 million, or 36 cents per share, compared with $85.4 million, or 32 cents per share, in the year-ago period.
Sales rose 10% from last year to $1.91 billion.
On average, Wall Street analysts expected a smaller profit of 35 cents per share on lower revenue of $1.87 billion.
Looking ahead, the company boosted its full-year earnings outlook to a range of $1.70 to $1.75 per share, up from a prior estimate of $1.67 to $1.73. Analysts currently expect $1.71 per share for the year.
Hormel Foods shares were unchanged in premarket trading Thursday.
The Bottom Line
Shares of Hormel Foods ( HRL ) have a 1.79% dividend yield, based on last night's closing stock price of $28.44. The stock has technical support in the $25-$26 price area. The stock is trading near all-time highs of $31 a share.
Hormel Foods Corporation ( HRL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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