Hormel Foods sees FY17 EPS $1.68-$1.74, consensus $1.68
Sees FY17 organic sales growth of 5%, consensus $9.69B. "In fiscal 2017, we expect to generate organic sales growth consistent with our long-term goal of five percent coupled with mid-single-digits earnings growth," said CEO Snee. "Grocery Products is positioned to deliver an excellent year aided by the inclusion of JUSTIN'S specialty nut butters and contributions from branded products such as SKIPPY peanut butter and HERDEZ salsas. Jennie-O Turkey Store should benefit from favorable grain prices and increasing demand for JENNIE-O branded products. We anticipate continued low input costs for our value-added products in Refrigerated Foods in addition to positive momentum in both retail and foodservice channels." "We expect the International segment to show growth through increased exports and improved results from our China business," mentioned Snee. "Specialty Foods is expected to show year-over-year sales and earnings growth net of the Diamond Crystal Brands divestiture and will benefit from continued strong results from MUSCLE MILK protein products." "Taking all these factors into account and considering the previous three years of strong double-digit earnings increases, we would have expected our fiscal 2017 earnings guidance range to be $1.71 to $1.77 per share," commented Snee. "However, after excluding earnings from the Farmer John divestiture of approximately 3 cents per share, we are setting our fiscal 2017 earnings guidance range at $1.68 to $1.74 per share," Snee said.