Hormel Foods Sales Decline In Q2, Misses Expectations With Mixed Segment Performance
Portfolio Pulse from Akanksha Bakshi
Hormel Foods Corp (NYSE:HRL) reported a 3% decline in Q2 fiscal 2024 sales to $2.887 billion, missing expectations. Retail and International segments saw declines, while Foodservice grew. Adjusted EPS was 38 cents, above consensus. The company updated its full-year earnings outlook and reaffirmed net sales growth. HRL shares are trading lower by 1.14% premarket.
May 30, 2024 | 12:45 pm
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Hormel Foods reported a 3% decline in Q2 sales, missing expectations. Retail and International segments saw declines, while Foodservice grew. Adjusted EPS was 38 cents, above consensus. The company updated its full-year earnings outlook and reaffirmed net sales growth. HRL shares are trading lower by 1.14% premarket.
The decline in sales and missing expectations are negative indicators for investors. Although adjusted EPS was above consensus and the full-year outlook was updated, the immediate market reaction is negative, as reflected by the premarket share price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100