Hormel Foods down post FQ1 results

• Hormel Foods (NYSE:NYSE:HRL) reports volume fell 2% in FQ1.
• Revenue by segment: Grocery Products: $417.75M (+6.5%); Refrigerated Foods: $1.12B (-3.4%); Jennie-O Turkey Store: $420.99M (+13.1%); Specialty Foods: $192.63M (-19%); International & Other: $125.83M (-2.1%).
• Gross profit rate slipped 10 bps to 24.2%.
• SG&A expense rate flat Y/Y at 9.2%.
• Operating margin rate decreased 10 bps to 15.6%.
• The company expects FY2017 diluted EPS to be in the range of $1.65 to $ 1.71.
• HRL -3.49% premarket.