February 22, 2018 / 12:05 PM / 6 months ago

BRIEF-Hormel Foods Q1 Earnings Per Share $0.56

Feb 22 (Reuters) - Hormel Foods Corp:

* HORMEL FOODS ANNOUNCES RECORD FIRST QUARTER RESULTS AND INCREASES GUIDANCE DUE TO TAX REFORM

* Q1 EARNINGS BENEFITED FROM $63 MILLION, OR EPS OF $0.12, IN ONE-TIME TAX EVENTS

* SEES FY 2018 EARNINGS PER SHARE $1.81 TO $1.95

* QTRLY JENNIE-O TURKEY STORE NET SALES DOWN 7%‍​

* QTRLY REFRIGERATED FOODS VOLUME DOWN 8%; NET SALES UP 5%; SEGMENT PROFIT DOWN 18%

* Q1 EARNINGS PER SHARE $0.56

* QTRLY JENNIE-O TURKEY STORE SEGMENT PROFIT DOWN 27%‍​

* Q1 SALES ROSE 2 PERCENT TO $2.3 BILLION

* QTRLY INTERNATIONAL & OTHER VOLUME UP 14%; NET SALES UP 19%; SEGMENT PROFIT DOWN 3%

* QTRLY JENNIE-O TURKEY STORE VOLUME DOWN 4%‍​

* SEES 2018 NET SALES $9.70 BILLION - $10.10 BILLION

* FY2018 EARNINGS PER SHARE VIEW $1.73, REVENUE VIEW $9.88 BILLION -- THOMSON REUTERS I/B/E/S

* QTRLY GROCERY PRODUCTS SEGMENT PROFIT UP 8% ‍​

* HORMEL FOODS - RAISE OUR STARTING WAGE FOR ALL EMPLOYEES TO $13 PER HOUR BY END OF FISCAL 2018 AND TO $14 PER HOUR BY END OF FISCAL 2020

* Q1 EARNINGS PER SHARE VIEW $0.44, REVENUE VIEW $2.41 BILLION -- THOMSON REUTERS I/B/E/S

* FY2018 EARNINGS PER SHARE VIEW $1.73, REVENUE VIEW $9.88 BILLION -- THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:

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