NEW YORK (TheStreet) --Shares of Hormel Foods Corp. (HRL) are higher by 5.68% to $50.58 in mid-morning trading on Thursday, after the company reported an increase in net income for the fiscal 2014 third quarter to $138 million, or 51 cents per diluted share, from $113.6 million, or 42 cents per diluted share for the year ago period.
The company, which produces a variety of meat and food products, said sales grew 6% to $2.3 billion for the most recent quarter.
"Strong demand for pork and turkey, and increased sales of value-added products in our Refrigerated Foods, Jennie-O Turkey Storeand International and other segments more than offset a challenging quarter for our Grocery Products and Specialty Foods segments," said CEO Jeffrey Ettinger.
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Separately, TheStreet Ratings team rates HORMEL FOODS CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate HORMEL FOODS CORP (HRL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."