Hormel Foods Beats and Raises

Hormel Foods (HRL) reported fiscal third earnings of 56 cents per share. That was one penny better than expectations. The company also raised their full-year guidance to $2.57 to $2.63 per share. The previous range was $2.50 to $2.60 per share. The new guidance represents earnings growth of 15% to 18% over last year.

“Our balanced business model prevailed once again this quarter, as we were able to overcome the significant challenge of avian influenza in our Jennie-O Turkey Store segment to deliver record earnings and volume sales,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. “Grocery Products drove earnings growth with favorable input costs and increased sales of HORMEL® chili and SKIPPY® peanut butter. Specialty Foods also delivered excellent results, as the team continues to increase sales of MUSCLE MILK® protein nutrition products, and improve the cost structure and synergies between our CytoSport and Century Foods businesses. Revenues were down for the quarter, impacted by lower pricing due to declining pork markets affecting our Refrigerated Foods and International segments, and the loss of sales related to avian influenza in the Jennie-O Turkey Store segment.

Posted by on August 19th, 2015 at 7:52 am


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