Hormel Foods Corporation, a multinational marketer of consumer-branded meat and food products, today said it is increasing its guidance for fiscal 2009 earnings.
"A strong performance from our Refrigerated Foods segment, an improved performance by our Jennie-O Turkey Store segment and continued solid results from our Grocery Products segment, allowed us to deliver a stronger than expected third quarter. We also benefited from better investment performance in our rabbi trust," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.
"These results have led us to increase our earnings guidance range for fiscal year 2009. Based on our performance to date, we are raising our full year guidance to $2.36 - $2.42 per share from our earlier guidance of $2.15 - $2.25 per share.
We will provide more details regarding the third quarter and the 2009 outlook during our conference call on Thursday, Aug. 20, 2009, at 8:30 a.m. CT," Ettinger concluded.
ABOUT HORMEL FOODS CORPORATION
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring quality, value-added brands to the global marketplace. The company is a member of the Standard & Poor's 500 Index, and in each of the past ten years, Hormel Foods was named one of "The 400 Best Big Companies in America" by Forbes magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.
This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors that appear on pages 27-33 in the company's Form 10-Q for the quarter ended April 26, 2009, which can be accessed at www.hormelfoods.com under "Investors-SEC Filings."