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.
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus
Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000