Hormel Foods Corp on Wednesday posted a 17 percent jump in quarterly profit on strength in its grocery product segment. The maker of Jennie-O turkey products, Spam processed meat and other foods said profit in the fiscal fourth quarter ended October 30 was $81.7 million, or 59 cents a share, compared with $69.8 million, or 50 cents a share, a year earlier.
Analysts on average had forecast 58 cents a share, according to Reuters Estimates.
On November 8, the company raised its earnings forecast for the quarter to a range of 56 cents to 59 cents a share from a previous range of 50 cents to 56 cents.