AUSTIN, Minn. — Hormel Foods Corp. today reported fiscal second-quarter profit of $227.9 million.
On a per-share basis, the company said it had net income of 42 cents.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 42 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $2.61 billion in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $2.42 billion.
Hormel expects full-year earnings to be $1.70 to $1.82 per share, with revenue in the range of $10.2 billion to $10.8 billion.
Hormel shares have dropped slightly more than 1% since the beginning of the year, while the S&P’s 500 index has risen almost 10%. The stock has fallen 3% in the past 12 months.