Categories AlphaGraphs, Consumer, Earnings
Hormel Foods (HRL) Q2 profit dips 19% but meets expectations
Hormel Foods Corporation (NYSE: HRL) reported a 19% dip in earnings for the second quarter of 2020 due to higher costs and expenses. The top-line increased by 3.3% year-over-year backed by double-digit growth in sales from Jennie-O Turkey Store and single-digit growth in sales from Grocery Products and International & Other.
Even though the COVID-19 pandemic has caused a dramatic shift in consumer behavior, operational disruptions, and extreme volatility in raw material markets, the company remains financially strong and well-positioned to weather the pandemic. The company withdraws its guidance due to uncertainty regarding the impact of COVID-19.
In Q2, the company absorbed about $20 million in incremental supply chain costs primarily related to lower production volumes, employee bonuses, and enhanced safety measures in its production facilities. The company expects to absorb another $60-80 million in the second half of the year weighted primarily to Q3. The majority of the increased costs are expected to be temporary.
Past Performance
Most Popular
Key highlights from Pfizer’s (PFE) Q1 2025 earnings results
Pfizer Inc. (NYSE: PFE) reported its first quarter 2025 earnings results today. Revenues decreased 8% year-over-year to $13.7 billion. GAAP net income decreased 5% to $2.96 billion, or $0.52 per
PYPL Earnings: PayPal reports higher Q1 2025 revenue and profit
PayPal Holdings Inc. (NASDAQ: PYPL) on Tuesday reported a modest increase in revenue for the first quarter of 2025 when the payment service giant's adjusted earnings rose by double digits.
General Motors (GM) Q1 2025 revenue and adj. earnings beat estimates
Auto giant General Motors (NYSE: GM) on Tuesday announced financial results for the first quarter of 2025, reporting an increase in revenue and adjusted profit. The results also topped expectations.
