UPDATE: Hormel Foods Reports 15% Surge In FQ3 Net Income, Raises 2011 Earnings Forecast

Hormel Foods Corp HRL reported a 15% rise in its fiscal third-quarter net income and raised its full-year earnings forecast. Hormel reported its quarterly earnings at $98.5 million, or $0.36 per share, up from $85.4 million, or $0.32 per share, in the year-ago period. Its revenue climbed 10% to $1.91 billion from $1.73 billion. However, analysts were expecting earnings of $0.35 per share on revenue of $1.87 billion. Hormel now projects 2011 earnings of $1.70 to $1.75 per share, versus $1.67 to $1.73 per share. However, analysts expected earnings of $1.71 per share for the year. HRL shares gained 0.39% to close at $28.44 yesterday.