RTTNews | May 20, 2021 06:59AM EDT

06:58 Thursday, May 20, 2021 (RTTNews.com) - While reporting financial results for the second quarter on Thursday, branded food company Hormel Foods Corp. (HRL) raised net sales guidance for the full-year 2021, while maintaining annual earnings outlook. The company said the guidance excludes the expected impact of the Planters snack nuts business, which was acquired from Kraft Heinz Co.

For fiscal 2021, the company now still projects earnings in a range of $1.70 to $1.82 per share, while raising net sales guidance to between $10.20 billion and $10.80 billion from the prior range between $9.70 billion and $10.30 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.74 per share on net sales of $10.15 billion for the year. Analysts' estimates typically exclude special items.

"We have a very positive outlook on the foodservice industry and continue to see elevated demand in the retail, deli and international channels. As we enter this inflationary period, we will continue to offset margin pressure with price actions and supply chain improvements," said Jim Snee, chairman of the board, president and chief executive officer.

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