Meat and food products company, Hormel Foods Corporation HRL, reported weaker-than-expected results for second-quarter fiscal 2018 (ended April 2018).
Earnings/Revenues
Adjusted earnings in the reported quarter came in at 44 cents per share, missing the Zacks Consensus Estimate by a penny. However, the bottom line came in higher than the year-ago figure of 39 cents per share.
Net sales in the fiscal second quarter came in at $2,330.6 million, missing the Zacks Consensus Estimate of $2,390 million. However, the top line came in 6.5% higher than the year-ago tally.
Segmental Break-Up
In the reported quarter, revenues from Grocery Products edged down 1.4% to $631.6 million.
Revenues at the Jennie-O Turkey Store segment dropped 4.2% to $371.9 million.
The company’s Refrigerated Foods segment generated revenues of $1,167 million, up 13.6% year over year.
International & Other revenues were up 22.1% to nearly $160.1 million.