UPDATE: Hormel Reports 41% Increase In FQ2 Profit, Lifts Forecast

Hormel Foods Corp HRL reported a 41% rise in its fiscal second-quarter net profit and raised its projections on Wednesday. Hormel reported its quarterly net profit at $109.6 million, or $0.40 per share, up from $77.9 million, or $0.29 per share, in the year-earlier period. Its sales increased 15% to $1.96 billion. However, analysts were expecting earnings of $0.41 per share on sales of $1.82 billion. Hormel now projects earnings for the fiscal year of $1.67 to $1.73 per share, up from its earlier forecast of $1.62 to $1.68 per share. However, analysts were expecting earnings of $1.71 per share. Hormel shares dropped 0.10% to close at $30.02 yesterday. Read more from Benzinga's Company news.