Hormel Foods Corp Q2 Profit Decreases, But Beats Estimates

(RTTNews) - Hormel Foods Corp (HRL) released earnings for second quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $189.28 million, or $0.34 per share. This compares with $217.24 million, or $0.40 per share, in last year's second quarter.

Excluding items, Hormel Foods Corp reported adjusted earnings of $207.56 million or $0.38 per share for the period.

Analysts on average had expected the company to earn $0.36 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 3.0% to $2.89 billion from $2.98 billion last year.

Hormel Foods Corp earnings at a glance (GAAP) :

-Earnings (Q2): $189.28 Mln. vs. $217.24 Mln. last year. -EPS (Q2): $0.34 vs. $0.40 last year. -Revenue (Q2): $2.89 Bln vs. $2.98 Bln last year.

-Guidance: Full year EPS guidance: $1.55 - $1.65 Full year revenue guidance: $12.2 - $12.5 Bln