Hormel Foods Corporation reported results for the first quarter of fiscal 2018. All earnings per share estimates assume a fiscal 2018 full year tax rate of 17.5 – 20.5 percent.
“This quarter we also completed the strategic acquisition of Columbus Craft Meats. The Columbus® brand is on-trend with today’s consumer and meaningfully changes our presence in the deli while helping us become a broader food company. Tax reform had a positive impact on our business, and the additional funds will allow us to invest in profitable growth, invest in our employees and communities, and return cash back to shareholders,” said Jim Snee, chairman of the board, president and chief executive officer.
Hormel Food stakeholders will benefit from the tax reform. It will be able to provide additional funds allowing for the growth of Hormel Foods. The company plans to invest a portion of the tax savings back into the business and invest in growing certain brands like Jennie-O, Skippy and Muscle Milk.
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