Hormel Foods (NYSE: HRL) reported Q2 EPS of $0.44, $0.01 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $2.33 billion versus the consensus estimate of $2.39 billion.

"We are reaffirming our sales and earnings outlook for fiscal 2018," Snee said. "Our balanced business model allows us to manage through volatility and deliver consistent earnings growth. We continue to execute our value-added growth strategy in Refrigerated Foods and expect our retail and foodservice branded businesses to offset higher freight costs and lower pork commodity profits. Our expectation is for strong year-over-year earnings growth for International and for Grocery Products to return to its growth trajectory. While we are starting to see early signs of a recovery in the turkey industry, we expect Jennie-O Turkey Store to continue showing earnings declines for the remainder of this year."

"We are making excellent progress on the integrations of our recent acquisitions. These efforts, in combination with continued execution of our strategic imperatives, will ensure we remain in a position to deliver strong growth in the future."

Fiscal 2018 Outlook

Net Sales Guidance (in billions)

$9.70 - $10.10

Earnings per Share Guidance

$1.81 - $1.95

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