Hormel Foods Corporation (NYSE:HRL) Posts 37% Rise in Net Earnings

2/18/2010-Hormel Foods Corporation (NYSE:HRL) reported Q1 EPS of $0.82, topping consensus estimates of $0.68. Sales in the quarter rose 2% to $1.70 billion, and came in ahead of consensus estimates of $1.67 billion. "As a result of our better than expected results in the first quarter, we are raising our full year guidance range from $2.63 to $2.73 per share to $2.68 to $2.78 per share. We anticipate higher hog costs as we progress through the year, and we recognize the strong investment performance in our rabbi trust last year will result in a more difficult comparison. Nevertheless, we believe our strong portfolio of branded products and the strength of our dedicated team should allow us to build upon the momentum of our excellent start," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. Analysts, on average, are projecting full-year EPS of $2.66.