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Hormel Foods fiscal Q1 profit climbs 17.1% YOY

Hormel Foods Corp. said its normalized net income for the fiscal first quarter ended Jan. 25 came to 32 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS increased 17.2% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $170.9 million, a gain of 17.1% from $145.9 million in the year-earlier period.

The normalized profit margin climbed to 7.1% from 6.5% in the year-earlier period.

Total revenue climbed 6.8% on an annual basis to $2.40 billion from $2.24 billion, and total operating expenses grew 5.5% on an annual basis to $2.12 billion from $2.01 billion.

Reported net income rose 12.2% from the prior-year period to $172.8 million, or 32 cents per share, from $154.0 million, or 28 cents per share.