Categories AlphaGraphs, Earnings, Retail

Hormel Foods’ Q1 earnings in line with estimates; revenues miss

Hormel Foods Corporation (HRL) reported first-quarter 2019 earnings that came in line with market expectations but missed the mark on revenues. The stock dropped 1.6% in premarket hours on Thursday.

Total sales inched up by 1.2% to $2.36 billion compared to the same period last year.

Hormel first quarter 2019 earnings infographic
Hormel Q1 2019 Earnings Infographic

Net earnings attributable to Hormel Foods dropped to $241.4 million, or $0.44 per share, from $303 million, or $0.56 per share, in the prior-year quarter, due to impacts from the tax reform.

During the quarter, Hormel saw sales increases in three of its four business divisions. Sales grew in the Refrigerated Foods, Grocery Products and International & Other segments, driven by the new Hormel Deli Solutions division, as well as strength in the Columbus, Herdez, Wholly Guacamole, and SPAM brands. Sales in the Jennie-O Turkey Store segment remained flat mainly due to declines in retail.

Also see: Hormel Q1 2019 Earnings Conference Call Transcript

Hormel reaffirmed its sales and earnings guidance for 2019 and expects sales to come in the range of $9.70 billion to $10.20 billion and EPS to be in the range of $1.77 to $1.91.

Capital expenditures for the full year of 2019 are expected to come to around $350 million as the company plans for expansions at its Burke pizza toppings facility in Iowa and its Fontanini facility in Illinois along with multiple other projects.

The company also announced that it was selling its CytoSport business to PepsiCo (PEP) for $465 million and expects the transaction to be completed in 30-60 days.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results

Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to

ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results

Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top