Edition:
India

Hormel Foods Reports Q3 Earnings Per Share $0.37


Thursday, 22 Aug 2019 

Aug 22 (Reuters) - Hormel Foods Corp ::HORMEL FOODS REPORTS THIRD QUARTER RESULTS.Q3 EARNINGS PER SHARE $0.37.Q3 SALES $2.3 BILLION VERSUS REFINITIV IBES ESTIMATE OF $2.3 BILLION.Q3 EARNINGS PER SHARE ESTIMATE $0.36 -- REFINITIV IBES DATA.REAFFIRMS FISCAL 2019 EARNINGS GUIDANCE.QTRLY INTERNATIONAL & OTHER VOLUME FLAT.DELIVERED EARNINGS IN LINE WITH OUR EXPECTATIONS THIS QUARTER.QTRLY GROCERY PRODUCTS VOLUME DOWN 10%; ORGANIC VOLUME UP 1%.QTRLY INTERNATIONAL & OTHER NET SALES FLAT.FUNDAMENTALS OF OUR COMPANY ARE STRONG.DOUBLE-DIGIT EARNINGS GROWTH IN REFRIGERATED FOODS OFFSET WEAKER RESULTS IN GROCERY PRODUCTS IN QUARTER.QTRLY GROCERY PRODUCTS NET SALES DOWN 11%; ORGANIC NET SALES UP 1%.QTRLY JENNIE-O TURKEY STORE VOLUME DOWN 4%.QTRLY JENNIE-O TURKEY STORE NET SALES DOWN 5%.HORMEL FOODS - EARNINGS PRESSURE FROM HIGHER AVOCADO PRICES & PEANUT BUTTER CATEGORY DYNAMICS TO CONTINUE TO IMPACT RESULTS IN GROCERY PRODUCTS IN Q4.HORMEL FOODS - REFRIGERATED FOODS MANAGED SALES GROWTH & PROFITABILITY IN QUARTER IN MIDST OF VOLATILE INPUT COSTS CAUSED BY AFRICAN SWINE FEVER.YET TO SEE SUSTAINED HIGHER PORK PRICES DUE TO AFRICAN SWINE FEVER.JENNIE-O TURKEY STORE TEAM IS WORKING TO REGAIN LEAN GROUND TURKEY DISTRIBUTION FOLLOWING TWO VOLUNTARY PRODUCT RECALLS.FY2019 EARNINGS PER SHARE VIEW $1.73, REVENUE VIEW $9.54 BILLION -- REFINITIV IBES DATA.