Hormel Foods Corp Q3 Profit Decreases, misses estimates

(RTTNews) - Hormel Foods Corp (HRL) released a profit for third quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $162.68 million, or $0.30 per share. This compares with $218.92 million, or $0.40 per share, in last year's third quarter.

Excluding items, Hormel Foods Corp reported adjusted earnings of $217.49 million or $0.40 per share for the period.

Analysts on average had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.3% to $2.96 billion from $3.03 billion last year.

Hormel Foods Corp earnings at a glance (GAAP) :

-Earnings (Q3): $162.68 Mln. vs. $218.92 Mln. last year. -EPS (Q3): $0.30 vs. $0.40 last year. -Analyst Estimates: $0.41 -Revenue (Q3): $2.96 Bln vs. $3.03 Bln last year.

-Guidance: Next quarter EPS guidance: $1.61 - $1.67 Next quarter revenue guidance: $3.1 - $3.6 Bln