Hormel Foods Corporation HRL shares are trading higher after the company reported better-than-expected first-quarter earnings and reaffirmed its outlook for fiscal 24.
The company reported first-quarter adjusted earnings per share of 41 cents, beating analysts’ consensus of 34 cents.
Quarterly revenue of $2.997 billion, beating analyst consensus of $2.917 billion.
Net retail sales in the quarter under review decreased by 2%, while volumes increased by 2%. First quarter volume of 1.1 billion lbs. increased 4% year over year.
The company’s first-quarter foodservice revenue increased 9%, with volume up 8%. International net sales decreased 3%, while volumes increased 11%.
Quarterly adjusted operating profit of $295 million increased 2% year over year. Quarterly operating margin was 9.5%, compared to 9.7% last year. Adjusted operating margin was 9.8%.
View: Hormel Foods reaffirmed its outlook for fiscal year 24, with revenue ranging from $12.2 trillion to $12.5 trillion versus guidance of $12.18 billion.
The company continues to see adjusted EPS of $1.51-1.65 versus the estimate of $1.54.
Read next: XPeng and Volkswagen revive partnership for B-Class electric vehicle development and joint procurement program
Price Action: At last check on Thursday, HRL shares were trading 6.58% higher at $32.86 in the pre-market.
Photo by Willis Lam via Flickr