Hormel Foods Q4 Earnings Top Estimates

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Hormel Foods Corp HRL reported fourth-quarter FY21 sales growth of 43% year-on-year, to $3.5 billion, beating the analyst consensus of $3.22 billion.

  • Net sales for Refrigerated Foods increased 44% Y/Y, Grocery Products rose 56%, Jennie-O Turkey Store climbed 23%, and International & other sales rose 28%.
  • EPS of $0.51 beat the analyst consensus of $0.50.
  • The gross margin contracted 218 basis points Y/Y to $16.7%. The operating margin was 10.4%, and operating income for the quarter rose 29% to $357.7 million.
  • Selling, general and administrative expenses rose 20.8% Y/Y to $230.4 million.
  • The company held $634.7 million in cash and equivalents as of October 31, 2021. Cash provided by operating activities for the quarter totaled $564.1 million.
  • "The operating environment remains complex, but continued strong demand across all businesses, improved production throughput and the impact of our pricing actions will be key drivers to growth next year," said Jim Snee, chairman, president, and CEO.
  • Outlook: Hormel sees FY22 sales of $11.7 billion - $12.5 billion versus the consensus of $11.97 billion.
  • The company expects FY22 EPS of $1.87 - $2.03 versus the Street view of $1.93.
  • Price Action: HRL shares are trading higher by 4.52% at $44.67 on the last check Thursday.
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