Published on 29 May 2024 on Zacks via Yahoo Finance
Hormel Foods (HRL) Gears Up for Q2 Earnings: Is a Beat Likely?
Hormel Foods Corporation HRL is likely to register top-line growth when it reports second-quarter fiscal 2024 earnings on May 30. The Zacks Consensus Estimate for revenues is pegged at $2.99 billion, which suggests an increase of 0.3% from the prior-year quarter’s reported figure.However, the bottom line is likely to have declined year over year. The consensus mark for quarterly earnings has decreased by 1 cent in the past seven days to 35 cents per share. This indicates a decline of 12.5% from the year-ago quarter’s reported figure. HRL has a trailing four-quarter earnings surprise of 3.5%, on average.
Factors to Note
Hormel Foods’ focus on its six strategic priorities has been working well. These include enhancing its focus and fueling growth in the Retail unit, reinforcing leadership in Foodservice, pursuing solid global expansion, implementing the enterprise entertaining & snacking vision, emphasizing the One Supply Chain initiative and continuing the ongoing transformation and modernization of the business.The company has been reaping benefits from the growing demand for Foodservice products. HRL’s long-standing relationships, differentiated product portfolio, innovative solutions and impressive sales team are fueling growth in the Foodservice business. Management continues to witness broad volume growth in fiscal 2024, led by turkey, bacon and pepperoni. This bodes well for Hormel Foods in the quarter under review.