Hormel Foods Corp. (HRL) on Thursday reaffirmed its full-year 2023 earnings and net sales growth guidance, sending shares up 2.5% in premarket trading.
The company expects earnings in a range of $1.70 to $1.82 per share on net sales growth of 1 to 3 percent. Analysts polled by Thomson Reuters expect earnings of $1.72 per share on net sales decline of 0.3 percent to $12.51 billion for the year. Analysts' estimates typically exclude special items.
Hormel Foods said its outlook is based on current market conditions and expectations. The company expects continued growth in its refrigerated foods, Jennie-O Turkey Store and nutrition segments. It also expects to benefit from higher prices for its products.
"We are confident in our ability to achieve our full-year outlook and continue to grow our business," said Jim Snee, chairman, president and chief executive officer of Hormel Foods. "We have a strong portfolio of brands, a talented workforce and a commitment to innovation that will help us succeed in the years ahead."
Hormel Foods' shares have risen about 12% so far this year.
Analysis
Hormel Foods' decision to reaffirm its 2023 forecasts is a positive sign for the company. The company is confident in its ability to continue to grow its business despite the challenges facing the global economy. Hormel Foods has a strong portfolio of brands, a talented workforce and a commitment to innovation that will help it succeed in the years ahead.
The company's focus on value-added products is also a positive sign. Hormel Foods is investing in its manufacturing capabilities and product development to create products that meet the needs of today's consumers. This focus on value-added products is likely to help the company continue to grow its sales and earnings in the years ahead.
Overall, Hormel Foods' decision to reaffirm its 2023 forecasts is a positive sign for the company. The company is well-positioned to continue to grow its business in the years ahead.
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