Hormel Gains After Increasing 2009 Profit Forecast

Hormel Foods Corp. gained the most in more than five months after increasing its 2009 forecast because of improved results from its Jennie-O Turkey Store and refrigerated-foods units.

Hormel, the maker of Spam luncheon meat, rose $2.38, or 6.6 percent, to $38.50 at 10:17 a.m. in New York Stock Exchange composite trading. The shares climbed as much as 8.1 percent earlier, the biggest intraday gain since Feb. 19.

Profit in the 12 months through October will be $2.36 to $2.42 a share, higher than the forecast of $2.15 to $2.25 affirmed in May, the Austin, Minnesota-based company said today in a statement. The average estimate of seven analysts in a Bloomberg survey was $2.29 a share.

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- Posted: 2009-08-10 11:17:53

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