Hormel Foods Predicts Earnings Impact From Lower Turkey Markets & Softness In China Business In H1: Details
Portfolio Pulse from Shivani Kumaresan
Hormel Foods Corp (NYSE:HRL) reported a Q4 FY23 sales decline of 2.6% Y/Y to $3.198 billion, missing estimates. Adjusted EPS of $0.42 also missed estimates. Gross margin and operating income fell, while SG&A expenses rose. The company forecasts lower FY24 earnings due to challenges in turkey markets and China business, expecting a decline in H1 earnings. HRL shares dropped 1.10% in premarket trading.
November 29, 2023 | 2:30 pm
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NEGATIVE IMPACT
Hormel Foods reported lower Q4 sales and EPS, with a negative outlook for H1 FY24 due to turkey market issues and China business softness. Shares fell 1.10% in premarket.
The reported earnings miss and negative outlook for the first half of FY24 due to specific challenges in the turkey market and China are likely to negatively impact investor sentiment and the stock price in the short term. The premarket trading already shows a decline, which may continue as the market reacts to the news.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100