Hormel Foods (HRL) Misses Q1 EPS by 1c

Hormel Foods (NYSE: HRL) reported Q1 EPS of $0.44, $0.01 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.28 billion.

First Quarter

• Record diluted earnings per share of $0.44, up 2 percent from 2016 EPS of $0.43
• Net earnings of $235 million, flat compared to 2016 net earnings of $235 million
• Sales of $2.3 billion, down 1 percent; Non-GAAP1 adjusted sales2 increased 3 percent
• Volume down 2 percent; Non-GAAP1 adjusted volume2 up 5 percent
• Refrigerated Foods operating profit up 4 percent; volume down 3 percent; Non-GAAP1 adjusted volume2 flat; sales down 3 percent; Non-GAAP1 adjusted sales2 down 1 percent
• International & Other operating profit up 5 percent; volume down 1 percent; sales down 2 percent
• Grocery Products operating profit up 1 percent; volume up 4 percent; Non-GAAP1 adjusted volume2 up 2 percent; sales up 7 percent; Non-GAAP1 adjusted sales2 up 3 percent
• Specialty Foods operating profit flat; volume down 30 percent; Non-GAAP1 adjusted volume2 up 12 percent; sales down 19 percent; Non-GAAP1 adjusted sales2 up 10 percent
• Jennie-O Turkey Store operating profit down 25 percent; volume up 22 percent; sales up 13 percent

"I'm proud of our team's ability to drive earnings growth for the 15th consecutive quarter," said Jim Snee, president and chief executive officer. "Our adjusted sales and volume performance for the quarter was solid with sales up 3 percent and volume up 5 percent."

"Earnings at Jennie-O Turkey Store declined compared to last year as turkey commodity prices were lower than we expected. However, demand for JENNIE-O® branded products continues to be strong," Snee said. "Refrigerated Foods was able to grow earnings four percent on excellent value-added sales growth despite the divestiture of the Farmer John business. Our International segment also delivered earnings growth fueled by strong pork exports."

For earnings history and earnings-related data on Hormel Foods (HRL) click here.

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