Hormel Foods Lifts FY16 Profit View; Sees Earnings And Sales Growth In FY17

(RTTNews) - Hormel Foods Corp. (HRL) said that it raised its earnings guidance for fiscal year 2016 to a range of $1.60 to $1.64 per share from the prior outlook of $1.56 to $1.60 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $1.59 per share for fiscal year 2016. Analysts' estimates typically exclude special items.

The company said it expect to show sales and earnings growth in fiscal 2017 and will provide a more definitive guidance range on its fourth quarter conference call in November.

James Snee, president and chief operating officer said, "We expect a strong finish to fiscal 2016, led by valued-added sales in Refrigerated Foods, Jennie-O Turkey Store and International. Franchises such as SKIPPY® peanut butter products, WHOLLY GUACAMOLE® dips, and MUSCLE MILK protein products are positioned to drive sales growth for the fourth quarter."