AUSTIN, Minn. (AP) —Hormel Foods says it is boosting its 2009 profit guidance because of strong performance from its refrigerated foods segment.
Hormel Foods Corp., which makes Spam, chili and Jennie-O Turkey products, says it now expects to post a profit of $2.36 to $2.42 per share for the year. The company had previously projected a profit of between $2.15 and $2.25 per share.
Analysts polled by Thomson Reuters expect a profit of $2.29 per share for the year.
Austin, Minn.-based Hormel also credited improved results at its Jennie-O Turkey Store segment and continued solid performance from its grocery products segment.
The company releases its fiscal third-quarter results on Aug. 20.
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