Hormel Foods (HRL) Misses Q4 EPS by 1c; Guides FY15 Below Consensus
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Revenue Growth %: -1.0%
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Less: Net earnings attributable to noncontrolling interest: 122K
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Hormel Foods (NYSE: HRL) reported Q4 EPS of $0.63, $0.01 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $2.54 billion versus the consensus estimate of $2.52 billion.
COMMENTARY
“We enjoyed a strong finish to the year, delivering record fourth quarter sales and earnings,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. “Our Refrigerated Foods and Jennie-O Turkey Store segments were able to capitalize on growth of value-added sales and higher meat commodity markets to lead the way.”
“We hit the nine billion dollar mark in annual sales for the first time in our Company’s history, fueled by our branded, value-added product portfolios. We closed the year with record earnings per share of $2.23, a penny above the midpoint of our full year earnings guidance issued last November,” commented Ettinger. “Our Refrigerated Foods, Jennie-O Turkey Store, and International segments each delivered double-digit segment operating profit growth this year. High meat input costs and related pricing hampered growth of certain Grocery Products brands in the back half of the year. We have also substantially completed the integration of the MUSCLE MILK® brand in our Specialty Foods segment,” remarked Ettinger.
"This morning we announced a 25 percent increase to the dividend, or $0.20 per share, making the annual dividend $1.00 per share in 2015. This marks the 49th consecutive year in which we have increased our dividend, consistent with our objective to deliver superior total returns to our shareholders," stated Ettinger.
Hormel Foods sees FY2015 EPS of $2.45 - $2.55, versus the consensus of $2.59.
For earnings history and earnings-related data on Hormel Foods (HRL) click here.
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