Hormel Foods (HRL) reported earnings on Wed 5/18/16 (b/o)

** charts before earnings **

** charts after earnings **

 

Hormel Foods beats by $0.01, reports revs in-line; raises FY16 EPS, in-line; acquires Justin's (nut butters)  :

• Reports Q2 (Apr) earnings of $0.40 per share, $0.01 better than the Capital IQ Consensus of $0.39; revenues rose 0.9% year/year to $2.3 bln vs the $2.31 bln Capital IQ Consensus; volume down 1%.
  • Grocery Products operating profit up 21%; volume down 1%; dollar sales up 1%.
  • Refrigerated Foods operating profit up 13%; volume up 3%; dollar sales up 7%.
  • Jennie-O Turkey Store operating profit up 20%; volume down 5%; dollar sales down 4%.
  • Specialty Foods operating profit up 74%; volume down 2%; dollar sales down 5%.
  • International & Other operating profit down 33%; volume down 13%; dollar sales down 17%.
• Co issues in-line guidance for FY16, raises EPS to $1.56-1.60 from $1.50-1.56 vs. $1.58 Capital IQ Consensus, based on strong second quarter results and continued expectations for growth in the back half of the year.
• "Today we announced that we have entered into a definitive agreement to acquire Justin's, LLC, owner of the JUSTIN'S brand and a pioneer in nut butter-based snacking" Terms not disclosed.