Hormel Foods boosts 2009 profit guidance
Hormel Foods says it is boosting its 2009 profit guidance because of strong performance from its refrigerated foods segment.
Hormel Foods Corp., which makes Spam, chili and Jennie-O Turkey products, says it now expects to post a profit of $2.36 to $2.42 per share for the year. The company had previously projected a profit of between $2.15 and $2.25 per share.
Analysts polled by Thomson Reuters expect a profit of $2.29 per share for the year.
Austin, Minn.-based Hormel also credited improved results at its Jennie-O Turkey Store segment and continued solid performance from its grocery products segment.
The company releases its fiscal third-quarter results on Aug. 20.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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