Hormel Foods reports Q3 EPS 34c, consensus 37c
Reports Q3 revenue $2.21B, consensus $2.24B. "We continue to make excellent progress towards our strategic growth initiatives outlined in our 2017 Investor Day," said Jim Snee, president and CEO "We separately announced three strategic investments which perfectly align with our path forward. The acquisition of Fontanini Italian Meats and Sausages complements our branded foodservice business and provides additional avenues for growth in the foodservice channel as well as much-needed production capacity for our pizza toppings business," Snee said. "This morning we also announced the acquisition of the Ceratti brand, a premium value-added meats company in Brazil. This acquisition expands our global presence and is a platform for future acquisitions in South America. We are excited to welcome the Fontanini and Ceratti employees into the Hormel Foods family and look forward to their contributions going forward." "Earlier this month we committed over $130M to expand production capacity for precooked bacon at our Dold Foods facility in Wichita, Kansas," Snee said.