MW Hormel's stock boosted by revenue beat despite weak turkey prices
Hormel Foods Corp.'s stock rose 1.4% early Thursday, after the parent of brands including Jennie-O and Spam's better-than-expected fourth-quarter revenue offset a profit miss.
Austin, Minn.-based Hormel $(HRL)$ had per-share earnings of 31 cents, down from 40 cents a year ago. Adjusted for one-time items, EPS came to 35 cents, below the 38-cent FactSet consensus.
Sales rose to $2.989 billion from $2.997 billion a year ago, ahead of the $2.947 billion FactSet consensus.
Chief Executive Jime Snee said sales were bolstered by flagship brands such as Spam, Applegate and Jennie-0, while in foodservice, the company achieved growth across several categories, notably premium brands.
"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," Snee said in prepared remarks.
(This is a breaking news story. Check back for updates)
-Ciara Linnane
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February 27, 2025 06:41 ET (11:41 GMT)
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