Explore stories from Atlantic Canada.
- Hormel Foods beat market expectations for second-quarter profit on Thursday and raised the lower end of its full-year earnings as the Wholly dips maker sees steady demand for higher-priced meat products.
The Spam brand owner expects an annual adjusted earnings per share in the range of $1.55 to $1.65, compared with its prior forecast of $1.51 to $1.65. Analysts on average were expecting a profit of $1.58 per share.Sales at its food service business grew 6% in the quarter, helped by higher volume sales of its bacon, premium prepared protein and turkey categories.
Overall, however, net sales fell 3% to $1.06 billion in the second quarter ended April 28, as its retail business - the biggest unit - declined due to lower volumes and pricing for its whole turkey business. Shares of the Austin, Minnesota-based company, which has risen nearly 6% so far this year, climbed about 1% in premarket trading.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hormel Foods posts Q2 profit beat on demand for higher-priced meatsThe Spam brand owner expects an annual adjusted earnings per share in the range of $1.55 to $1.65, compared with its prior forecast of $1.51 to $1.65...
Read more »
Grain trader ADM beats quarterly profit estimates as costs easeExplore stories from Atlantic Canada.
Read more »
American Tower Corp raises annual revenue forecast on healthy telecom spendingExplore stories from Atlantic Canada.
Read more »
Molson Coors beats Q1 estimates on higher prices, strong demandExplore stories from Atlantic Canada.
Read more »
CHARLEBOIS: The missed opportunity of the Loblaw boycottExplore stories from Atlantic Canada.
Read more »
GE HealthCare misses quarterly revenue estimates on weakness in China marketExplore stories from Atlantic Canada.
Read more »