Boston, MA 08/22/2214 (wallstreetpr) – Good time continues for Hormel Foods Corp (NYSE:HRL) as it managed to close yet another good quarter. The 3Q fiscal profit of HRL climbed by 21% due to increased demand of pork and turkey. With the help of excellent financial figures, HRL easy beat market expectations.
How 3Q Fiscal 2014 Looked Like:
Hormel Foods Corp (NYSE:HRL) is a well-known company for the production of Spam, Dinty Moore stew and other products. The company has managed to earn a lot of respect and love all around the globe because of its excellent product quality. Due to increased demand of its products, HRL managed to earn as much as $138 million (51 cents per share) in the 3Q fiscal 2014, which was more than the $113.6 million (42 cents per share) earnings of 3Q fiscal 2013.
On the basis of current market trends and company’s performance in the previous quarters, most of the analysts anticipated as much as 48 cents per share earnings in the 3Q 2014. Soon after it announced its eye-steering financial results, the stock of HRL surged by 4.1% and touched $49.80 before market opened. The revenue figure of Hormel Foods Corp (NYSE:HRL) in the same quarter was $2.28 billion, 6% more than the last year’s revenue figure of $2.16 billion. Although Wall Street analysts anticipated $2.24 billion revenues for the company in the 3Q 2014.
The entire management team of Hormel Foods Corp (NYSE:HRL) looked quite confident and determined for the coming months. When reporters tried to get in touch with any senior management executive of HRL, the CEO, Jeffrey Ettinger himself came ahead and spoke about the performance. He said, “We are extremely happy with the outstanding results. Extraordinary sales of Jennie-O Turkey Store, refrigerated foods, and international sales contributed most in this performance.” Analysts predict $2.19 per share earnings for fiscal 2014, while the HRL management has given a range of $2.17 to $2.27 per share.