Hormel Foods (HRL) Misses Q3 EPS by 3c

Hormel Foods (NYSE: HRL) reported Q3 EPS of $0.34, $0.03 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $2.21 billion versus the consensus estimate of $2.24 billion.

• Record earnings before income tax of $278 million, up 1 percent compared to 2016 earnings before income tax of $274 million
• Diluted earnings per share of $0.34, down 6 percent from 2016 EPS of $0.36
• Income taxes up $17 million compared to 2016; tax rate of 34.3 percent compared to 28.6 percent in 2016
• Sales of $2.2 billion, down 4 percent; Non-GAAP1 adjusted sales2 up 1 percent
• Volume down 9 percent; Non-GAAP1 adjusted volume2 down 1 percent
• Refrigerated Foods operating profit up 15 percent; volume down 16 percent; Non-GAAP1 adjusted volume2 down 1 percent; sales down 6 percent; Non-GAAP1 adjusted sales2 up 5 percent
• Grocery Products operating profit up 10 percent; volume up 4 percent; Non-GAAP1 adjusted volume2 up 3 percent; sales up 6 percent; Non-GAAP1 adjusted sales2 up 3 percent
• International & Other operating profit down 16 percent; volume up 1 percent; sales up 1 percent
• Specialty Foods operating profit down 14 percent; volume down 8 percent; Non-GAAP1 adjusted volume2 up 2 percent; sales down 7 percent; Non-GAAP1 adjusted sales2 down 1 percent
• Jennie-O Turkey Store operating profit down 20 percent; volume down 7 percent; sales down 9 percent

For earnings history and earnings-related data on Hormel Foods (HRL) click here.

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