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.
Box Inc (BOX) Q1 2021 earnings call dated May 27, 2020 Corporate Participants: Alice Kousoum Lopatto -- Head of Investor Relations Aaron Levie -- Chief Executive Officer, Co-founder and Chairman Dylan Smith -- Chief Financial Officer
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