RTTNews | Sep 2, 2021 06:51AM EDT

06:51 Thursday, September 2, 2021 (RTTNews.com) - While reporting financial results for the third quarter on Thursday, branded food company Hormel Foods Corp. (HRL) raised net sales guidance for the full-year 2021, while trimming annual earnings outlook.

The company said the guidance includes the full impact of the Planters snack nuts business, which was acquired from Kraft Heinz Co. in June 2021.

For fiscal 2021, the company now projects earnings in a range of $1.65 to $1.69 per share on net sales between $11.00 billion and $11.20 billion.

Previously, the company expected earnings in the range of $1.70 to $1.82 per share on net sales between $10.20 billion and $10.80 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.71 per share on net sales of $10.89 billion for the year. Analysts' estimates typically exclude special items.

"We expect to deliver record sales again in the fourth quarter, along with improving margins as additional pricing actions go into effect," said Jim Snee, chairman of the board, president and chief executive officer.

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