Hormel 3rd-quarter net income rises
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Hormel Foods Corp. says its net income rose 11 percent in the third-quarter as strong sales of its grocery products like Hormel Chili helped offset higher commodity costs.
The maker of Spam, Dinty Moore and other foods also raised its earnings guidance for the year above analyst expectations.
The company said Friday that it earned $85.4 million, or 63 cents per share. That's up from $77.2 million, or 57 cents per share, last year. Analysts expected a smaller 60 cents per share.
Revenue rose 10 percent to $1.73 billion from $1.57 billion last year. Analysts expected $1.7 billion.
Hormel, like many food makers, has been struggling with rising prices for grain and other commodities.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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