Minneapolis - Hormel Foods Corp. said that analysts' projections that it will earn around $0.31 a share in the third quarter of fiscal 1998, which ends next month, are reasonable.
"Though it is early in the quarter I think it (third quarter earnings of $0.31 a share) is reasonable," chairman, president and chief executive officer Joel Johnson told Reuters. "That is as good a number as any," he added.
Johnson was speaking following a presentation to investors at a Piper Jaffray conference here.
He noted third quarter sales are looking good due to recent increases in hog prices which are passed along to retailers.
"We're feeling very good about the (third) quarter," Johnson said. "While it is too early to predict our dollar sales, pricing is up."
He said hog prices have risen pretty dramatically in the last month or six weeks.
"A lot of the pork business is done on a formula basis so when the markets wholesale prices move, the retail prices move," Johnson said.
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