Hormel Foods Corporation (NYSE:HRL) shares are trading higher in the premarket session on Thursday.
The company reported first-quarter adjusted earnings per share of 35 cents, missing the street view of 38 cents. Quarterly sales of $2.99 billion outpaced the analyst consensus estimate of $2.93 billion. Net sales fell 0.2% year over year, while organic sales rose by 1%.
Adjusted operating margin in the quarter under review contracted to 8.5% from 9.8%. Gross profit in the quarter under review decreased to $475.232 million from $508.733 million a year ago.
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“In Retail, flagship and rising brands such as SPAM, Applegate, Hormel Black Label, and Jennie-O grew volume while gaining share in their respective categories,” said Jim Snee, president and chief executive officer.
“We are pleased with the significant, sequential market recovery the Planters business delivered in the first quarter and expect continued improvements from the brand. However, as anticipated, the first quarter was pressured as we continued to recover from the snack nuts supply disruption and lapped a full year of whole bird turkey market compression,” said Snee.
Hormel Foods exited the quarter with cash and equivalents worth $866.4 million, while long-term debt (less current maturities) contracted slightly to $2.850 billion.
Outlook: Hormel Foods reiterated FY25 revenue outlook between $11.9 billion and $12.2 billion, compared with the $12.08 billion estimate. The company expects adjusted EPS to range from $1.58 to $1.72, compared to the $1.64 estimate.
Price Action: HRL shares are trading higher by 1.01% to $29.02 premarket at last check Thursday.
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