Hormel Foods (HRL) Tops Q2 EPS by 1c; Boosts FY16 EPS Outlook; Will Acquire Justin’s, LLC
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Hormel Foods Achieves Record Second Quarter Results and Raises Fiscal 2016 Guidance
May 18, 2016 6:30 AM EDTAUSTIN, Minn.--(BUSINESS WIRE)-- Hormel Foods Corporation (NYSE: HRL) today reported record performance for the fiscal year 2016 second quarter.
All comparisons are to the second 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 $0.40, up 21 percent from $0.33 per share. Dollar sales of $2.3 billion, up 1 percent; volume down 1 percent. Grocery Products operating profit up 21 percent; volume down 1 percent; dollar sales up 1 percent.... MoreHormel Foods Announces Acquisition of Justin's® Specialty Nut Butter Brand
May 18, 2016 6:30 AM EDTAUSTIN, Minn.--(BUSINESS WIRE)-- Hormel Foods Corporation (NYSE: HRL) today announced it has entered into a definitive agreement to acquire Justins, LLC (Justins), owner of the Justins® brand and a pioneer in nut butter-based snacking. Justins markets four successful nut butter-based snack lines spreads, squeeze packs, peanut butter cups and snack packs.
Justins® naturally delicious, high-quality nut butters, nut butter snacks and organic peanut butter cups align perfectly with our goal of complementing our existing brands with new offerings that resonate with younger, on-the-go and more... More
