Hormel Foods Corporation Falls Short of Expectations in Fiscal Q4, Revenue at $3.2B
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Hormel Foods Corporation Falls Short of Expectations in Fiscal Q4, Revenue at $3.2B

Hormel Foods Corporation reported its fiscal Q4 earnings, with both revenue and EPS falling slightly short of expectations.
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Key Highlights

  • Net Sales: Hormel Foods Corporation (NYSE: HRL) reported net sales of $3.2 billion in the fourth quarter, exceeding the expected revenue of $3.26 billion.
  • Earnings Per Share (EPS): The company’s diluted net earnings per share were $0.36, falling short of the expected EPS of $0.44. The adjusted EPS was $0.42.
  • Annual Performance: For the fiscal year 2023, Hormel Foods achieved net sales of $12.1 billion and an adjusted diluted net earnings per share of $1.61.

The fourth quarter of fiscal 2023 for Hormel Foods Corporation, a global branded food company, showcased a resilient performance in a challenging environment. The company’s net sales amounted to $3.2 billion, marginally falling short of the anticipated $3.26 billion. The diluted adjusted net earnings per share stood at $0.42, which did not meet the expected $0.44, indicating pressures on profitability.

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Hormel’s Net Sales Hit $12.1 Billion for the Fiscal Year

Despite facing an unpredictable market, Hormel’s financial health remained sturdy, with net sales reaching $12.1 billion for the fiscal year. The adjusted diluted net earnings per share were $1.61, reflecting the company’s adaptability in the face of rising costs and fluctuating consumer demand. Hormel’s focus on strategic investments, particularly in its Foodservice segment, contributed to this steady performance. However, challenges in the Retail and International segments and inflationary pressures somewhat dampened the financial results.

Firm Expects Net Sales Growth of 1% to 3% for Fiscal 2024

Hormel Foods Corporation is poised for future growth, emphasizing strategic investments and modernization initiatives. The company expects a 1% to 3% net sales growth for fiscal 2024, focusing on volume growth in key categories and brand support. This forward-looking approach, combined with Hormel’s commitment to innovation and expanding its global presence, positions the company well for long-term growth and shareholder returns despite anticipating a decline in earnings in the year’s first half.