Hormel Foods Corp. stock has increased to $37.99, in line with the company’s pre-recession range of approximately $37 to $42 per share.

The company said its third quarter results — which rose 49 percent — were stronger than expected.

“We are very pleased with our third quarter results because we delivered excellent earnings growth from a balanced array of our major business areas,” said Jeffrey M. Ettinger, chairman of the board, president and CEO at Hormel Foods.

“When we announced second quarter earnings, we anticipated full year results in the upper end of our guidance range of $2.15 to $2.25 per share. However, we anticipate full year results in our recently announced range of $2.36 to $2.42 per share as a result of our strong third quarter results.”

Hormel attributes strong performance in refrigerated foods and grocery segments to raising its profit guidance.

“We attribute growth in our grocery products and refrigerated foods segments to strong sales in several of our core consumer franchises,” Ettinger said. “Double-digit increases in sales of our Spam family of products and Hormel chili products plus strong sales of Herdez Mexican products were key drivers in the grocery products division. Double-digit sales increases for Hormel pepperoni, Hormel party trays, Hormel Natural Choice lunch meats and Di Lusso deli products coupled with reduced input costs for many key raw materials versus a year ago from the change in export markets sustained much of the momentum in the refrigerated foods segment.”

Efforts have been made to boost Jennie-O Turkey Store, which was struggling in 2008. Ettinger said the company began making double-digit production cuts more than a year ago. Total segment operating profit for Jennie-O improved 97 percent from last year’s third quarter.

Hormel plans a new advertising campaign for Jennie-O in the fourth quarter to push its value-added products — items that typically are more expensive than traditional ones.

Shareholders can hold tight, as the company is anticipating a strong fourth quarter as well.

“We expect to deliver another significant increase in earnings per share during the fourth quarter,” Ettinger said. “At the segment operating level, we anticipate positive comparisons for the fourth quarter, but they will not be up as much as the third quarter. This assumption also anticipates a favorable comparison with last year’s rabbi trust performance.”