Summary Box: Hormel Foods 2Q profit rises

AP News
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Posted: May 25, 2011 12:10 PM
Summary Box: Hormel Foods 2Q profit rises

RISING PROFIT: Hormel Foods Corp.'s second-quarter net income climbed 41 percent to $109.6 million, or 40 cents per share, on strong performance of its refrigerated foods and Jennie-O Turkey business.

HIGHER PRICES: Hormel's revenue rose 15 percent to $1.96 billion, partly because of increased prices.

EXPECTATIONS: Analysts anticipated 41 cents per share on revenue of $1.82 billion, according to FactSet. Hormel's shares fell $1.83, or 6.1 percent, to $28.19, on a cautious outlook for the rest of the year.