Hormel Q2 Adjusted EPS, Sales Beat Estimates; Full-Year Profit Guidance Cut, Shares Up 11%
HRL sits 18% above its 52-week low of $19.7.
Summary
Hormel Foods reported Q2 adjusted earnings of 40 cents per share, beating analyst estimates of 35 cents, on revenue of $2.97 billion, which also topped expectations. Shares surged 11% following the announcement, reflecting market confidence in the company's turnaround strategy and sixth consecutive quarter of organic top-line growth. Despite the strong Q2 performance, the company lowered its full-year profit guidance to $1.28-$1.37 per share from $1.37-$1.46, primarily due to the divestiture of its whole-bird turkey business. This comprehensive earnings update follows an 8-K filing yesterday and an earlier news report on sales figures.
At the time of this announcement, HRL was trading at $23.22 on NYSE in the Trade & Services sector, with a market capitalization of approximately $12.8B. The 52-week trading range was $19.70 to $31.86. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.