Hormel Foods stock rose by double digits on Thursday after the company reported better financial results than expected, saying sales volumes increased across its businesses.
Hormel was the best-performing stock in the S&P 500 on Thursday, with a gain of 14% to $35.22. That put it on pace for its largest percentage increase since Oct. 21, 1987, according to Dow Jones Market Data. The broader market was up 0.2%.
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stock rose by double digits on Thursday after the company reported better financial results than expected, saying sales volumes increased across its businesses.
Hormel was the best-performing stock in the
on Thursday, with a gain of 14% to $35.22. That put it on pace for its largest percentage increase since Oct. 21, 1987, according to Dow Jones Market Data. The broader market was up 0.2%.
posted earnings of 41 cents a share from revenue of $3 billion. The consensus call among analysts surveyed by FactSet was for earnings of 34 cents a share from revenue of $2.91 billion.
In the same period last year, the owner of Spam and Skippy peanut butter reported earnings of 40 cents a share from revenue of $2.97 billion.
âWe are especially encouraged by broad-based volume growth across our businesses, reflecting the strength of our leading brands, robust demand for our foodservice products and momentum in our Planters snack nuts business,â Chief Executive Jim Snee said in the earnings release.
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For 2024, Hormel maintained a forecast that sales will come in between $12.2 billion and $12.5 billion.
Other food stocks were slightly lower.
was down 0.1%,
dropped 0.4%, and
fell 0.5%.
Write to Angela Palumbo at angela.palumbo@dowjones.com
