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Hormel cooks up tasty profit
Processed meat and food products maker Hormel Foods (HRL) reported a 19% increase in fiscal Q1 EPS to 57 cents, a penny short of Thomson Reuters estimates but in line with Zacks and FactSet. Revenue climbed 6% to $2.24 bil, also matching some estimates and short of others. Grocery products sales rose 20% to $401.5 mil, helped by the company's $700 mil buyout of peanut butter maker Skippy from Unilever (UL) a little more than a year ago. Hormel shares rose 1.9% to 46.19.
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