Hormel Foods Corporation HRL shares are trading higher after the company reported better-than-expected first-quarter earnings and reaffirmed its FY24 outlook.
The company reported first-quarter adjusted earnings per share of 41 cents, beating the analyst consensus of 34 cents.
Quarterly revenues of $2.997 billion, beating the analyst consensus of $2.917 billion.
Retail net sales in the quarter under review was down by 2%, while volume rose 2%. First quarter volume of 1.1 billion lbs. was up 4% year over year.
The company’s first quarter food service revenue gained 9%, with volume increasing 8%. International net sales fell 3%, while volumes increased 11%.
Quarterly adjusted operating income of $295 million rose 2% year over year. Quarterly operating margin was 9.5%, compared to 9.7% last year. Adjusted operating margin was 9.8%.
Outlook: Hormel Foods reaffirmed FY24 outlook, with sales of $12.200 billion-12.500 billion versus the $12.18 billion estimate.
The company continues to see adjusted EPS of $1.51-1.65 versus the $1.54 estimate.
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Price Action: HRL shares are trading higher by 6.58% to $32.86 premarket on the last check Thursday.
Photo by Willis Lam via Flickr
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