August 24, 2017 / 10:49 AM / a month ago

BRIEF-Hormel Foods reports Q3 EPS $0.34

Aug 24 (Reuters) - Hormel Foods Corp

* Hormel Foods announces third quarter results and continued progress towards key strategic initiatives

* Q3 earnings per share $0.34

* Q3 sales $2.2 billion versus I/B/E/S view $2.24 billion

* Q3 earnings per share view $0.37 -- Thomson Reuters I/B/E/S

* Lowers FY earnings per share view to $1.54 to $1.58

* Qtrly refrigerated foods operating profit up 15 percent; volume down 16 percent; sales down 6 percent

* ‍“We expect continued earnings pressure from higher input costs for key raw materials such as Bellies, Pork Trim, and Beef Trim”​

* Qtrly grocery products operating profit up 10 percent; volume up 4 percent sales up 6 percent

* ‍“In face of a challenging year”​

* FY2017 earnings per share view $1.65 -- Thomson Reuters I/B/E/S Source text for Eikon: Further company coverage:

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