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- Hormel Foods Corp HRL reported second-quarter FY22 sales growth of 19% to $3.09 billion, beating the consensus of $3.07 billion.
- Net sales for Refrigerated Foods increased 13% Y/Y, Grocery Products rose 39%, Jennie-O Turkey Store climbed 16%, and International & other sales fell 1%.
- EPS of $0.48 beat the analyst consensus of $0.47.
- The gross margin contracted 40 basis points Y/Y to 17.9%. The operating margin was 10.8%, and operating income for the quarter rose 16% to $334.7 million.
- Selling, general and administrative expenses rose 12.3% Y/Y to $224.6 million.
- The company held $885 million in cash and equivalents as of May 1, 2022. Cash provided by operating activities for the quarter totaled $193 million.
- Outlook: Hormel narrows FY22 EPS guidance to $1.87 - $1.97 from $1.87 - $2.03, versus the consensus of $1.94.
- It continues to expect FY22 sales of $11.7 billion - $12.5 billion, against the consensus of $12.41 billion.
- Price Action: HRL shares are trading higher by 0.48% at $48.51 in premarket on the last check Thursday.
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