Hormel Foods Corp Stock Slips on Q2 Earnings Miss

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Hormel Foods Corp (NYSE:HRL) stock was down on Thursday following the release of its earnings report for its fiscal second quarter of 2018.

Hormel Foods Corp Stock Slips on Q2 Earnings Miss

Earnings per share reported by Hormel Foods Corp for its fiscal second quarter of the year came in at 44 cents. This is an increase over its earnings per share of 39 cents from the same period of the year prior. However, it was a blow to HRL stock by coming in one penny below Wall Street’s earnings per share estimate for the quarter.

Hormel Foods Corp’s earnings report for its fiscal second quarter of 2018 includes net income of $237.52 million. This is better than its net income of $210.89 million that was reported in its fiscal second quarter of 2017.

Operating income reported by Hormel Foods Corp for its fiscal second quarter of the year was sitting at $306.37 million. The food company’s operating income from the same time last year was $316.03 million.

Hormel Foods Corp also reported revenue of $2.33 billion for its fiscal second quarter of 2018. This is an improvement over its revenue of $2.19 billion that was reported in its fiscal second quarter of the previous year. Despite the increase, it was still bad news for HRL stock by missing analysts’ revenue estimate of $2.39 billion for the period.

The most recent earnings report from Hormel Foods Corp also has it reaffirming its guidance for fiscal 2018. The company is expecting earnings per share between $1.81 and $1.95 on revenue ranging from $9.70 billion to $10.10 billion. Wall Street is looking for earnings per share of $1.84 on revenue of $9.79 billion for the period.

HRL stock was down 2% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/hormel-foods-corp-stock-slips-on-q2-earnings-miss/.

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