Hormel Foods Corporation (NYSE: HRL) reported its third quarter 2024 earnings results today.
Total net sales decreased 2.2% year-over-year to $2.90 billion.
Net earnings attributable to Hormel Foods Corporation were $176.7 million, or $0.32 per share, compared to $162.6 million, or $0.30 per share, last year. Adjusted EPS was $0.37.
Earnings beat estimates but revenue missed expectations.
The company updated its outlook for fiscal year 2024. It now expects net sales of $11.8-12.1 billion and adjusted EPS of $1.57-1.63 versus the previous expectation of sales of $12.2-12.5 billion and adjusted EPS of $1.55-1.65.
The stock fell 8% in premarket hours on Wednesday.