Hormel Q3 Sales Miss, FY Sales Forecast Cut Despite EPS Raise
HRL sits 22% above its 52-week low of $19.7.
Summary
Hormel's Q3 sales fell 2% to $2.96B, missing the $3.04B consensus, and operating income came in at $110.9M versus $262.97M expected. The company cut its full-year sales outlook to $12.1B-$12.2B from $12.2B-$12.5B, citing portfolio actions and the Brazil divestiture, while raising adjusted EPS guidance to $1.45-$1.51 from $1.43-$1.51. Q3 adjusted EPS was $0.37, net income was $59.6M, and GAAP EPS was $0.11. The consumer environment is expected to remain under pressure, and the stock trades at 15x forward earnings versus 14x three months ago.
At the time of this announcement, HRL was trading at $23.99 on NYSE in the Trade & Services sector, with a market capitalization of approximately $13.1B. The 52-week trading range was $19.70 to $29.10. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.