Published on 30 May 2024 on Zacks via Yahoo Finance

Hormel Foods (HRL) Q2 Earnings Top Estimates, Volumes Down

Hormel Foods Corporation HRL delivered second-quarter fiscal 2024 results, wherein the top and bottom lines declined year over year, and net sales missed the Zacks Consensus Estimate. Nonetheless, earnings came in better than expected, and the company continued to see strength in its Foodservice business and improvement in the International unit.The first-half show, expected strength in the Foodservice and International segments, ongoing supply chain enhancements and gains from the transform and modernize initiative encouraged management to pull up the lower end of its bottom-line view for fiscal 2024.

Quarter in Detail

Hormel Foods’ adjusted earnings of 38 cents per share surpassed the Zacks Consensus Estimate of 35 cents. However, the bottom line declined from the 40 cents per share recorded in the same period last year.