Hormel Foods Reports Third Quarter Results
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Hormel Foods (HRL) Tops Q3 EPS by 1c; Affirms FY19 EPS/Revenue Mid-Point Outlook Above Consensus
August 22, 2019 6:32 AM EDTHormel Foods (NYSE: HRL) reported Q3 EPS of $0.37, $0.01 better than the analyst estimate of $0.36. Revenue for the quarter came in at $2.29 billion versus the consensus estimate of $2.29 billion.
EXECUTIVE SUMMARY
Volume of 1.1 billion lbs., down 4%; organic volume1 down 1%Net sales of $2.3 billion, down 3%; organic net sales1 flatPretax earnings of $261 million, up 1%Operating margin of 11.2% compared to 10.9% last yearEffective tax rate of 23.6% compared to 18.4% last yearDiluted earnings per share of $0.37, down 5% due to a higher effective tax rateYear-to-date cash flow from operations of $573 million, down 23% due to higher... More