2024

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<p class="has-drop-cap">In the fourth quarter of fiscal 2024, Hormel Foods Corporation (NYSE: HRL) <a aria-label="reported (opens in a new tab)" href="https://investor.hormelfoods.com/news-and-events/news/news-details/2024/HORMEL-FOODS-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-FISCAL-2024-RESULTS/default.aspx" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">reported</a> net sales of $3.1 billion, marking a slight decline from the previous year’s $3.2 billion. The company achieved an operating income of $294 million, with an adjusted figure of $308 million, reflecting a steady operational focus despite challenges. The operating margin stood at 9.4%, while the adjusted margin was slightly higher at 9.8%. Earnings before income taxes were reported at $280 million, with an adjusted figure of $293 million. The effective tax rate for the quarter was 21.5%.</p>
<p>Hormel Foods reported diluted <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share (EPS)</a> of $0.40, with an adjusted EPS of $0.42. The company generated a robust cash flow from operations amounting to $409 million, underscoring its financial stability. The quarter’s performance was buoyed by strategic initiatives and a focus on value-added products, despite a dynamic consumer environment and production disruptions at the Suffolk, Virginia, facility.</p>
<h3 id="hormel-reports-slight-miss-for-the-fourth-quarter-of-fiscal-year-2024">Hormel Reports Slight Miss for the Fourth Quarter of Fiscal Year 2024</h3>
<p>Analysts had anticipated an EPS of $0.4267 and revenue of $3.15 billion. The reported EPS of $0.40 fell slightly short of expectations, while the adjusted EPS of $0.42 aligned more closely with forecasts. On the revenue front, the company reported $3.1 billion, just shy of the expected $3.15 billion, indicating a modest shortfall.</p>
<p>Despite these variances, Hormel Foods demonstrated strong operational execution. The company attributed its performance to the strength of its value-added portfolio and a $75 million benefit from its Transform and Modernize initiative. This initiative helped offset challenges such as the decline in whole bird turkey commodity markets and the aforementioned production disruption. The company’s focus on innovation and market expansion across its flagship brands also contributed to its resilient performance.</p>
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<h3 id="hormel-foods-expects-net-sales-to-range-between-11-9b-to-12-2b-for-fy-25">Hormel Foods Expects Net Sales to Range Between $11.9B to $12.2B for FY’25</h3>
<p>Looking ahead to fiscal 2025, Hormel Foods has provided optimistic guidance. The company expects net sales to range between $11.9 billion and $12.2 billion, with organic net sales growth projected at 1% to 3%. Operating income is forecasted to be between $1.13 billion and $1.23 billion, while adjusted operating income is anticipated to range from $1.18 billion to $1.28 billion. The company projects diluted EPS to be between $1.51 and $1.65, with adjusted EPS estimated at $1.58 to $1.72.</p>
<p>Hormel Foods’ fiscal 2025 outlook assumes continued impacts from lower whole bird turkey commodity markets, particularly in the first quarter. Additionally, the company expects the snack nuts supply disruption to persist initially, with improvements anticipated as the year progresses. <br><br>The Transform and Modernize initiative is expected to yield incremental benefits ranging from $100 million to $150 million, further supporting the company’s strategic growth objectives.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/hormel-foods-corporation-reports-slight-miss-in-q4-fy24/">Hormel Foods Corporation Reports Slight Miss in Q4 FY’24</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Hormel Foods Corporation Reports Slight Miss in Q4 FY’24

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