CLSA Downgrades Hormel Foods (HRL) to Underperform
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Hormel Foods Achieves Record First Quarter Earnings and Raises Fiscal 2016 Guidance
February 16, 2016 6:30 AM ESTAUSTIN, Minn.--(BUSINESS WIRE)-- Hormel Foods Corporation (NYSE: HRL) today reported record performance for the fiscal year 2016 first quarter.
All comparisons are to the first quarter of fiscal 2015. All earnings per share measures have been adjusted to reflect the two-for-one stock split distributed on February 9, 2016.
SUMMARY
Record diluted earnings per share of $0.43, up 23 percent from non-GAAP1 adjusted diluted EPS2 of $0.35. 2015 GAAP EPS were $0.32. Dollar sales of $2.3 billion, down 4 percent; volume down 3 percent. Grocery Products operating... More