Austin / MN. (hrl) Hormel Foods Corporation, a leading global branded food company, reported results for the first quarter of fiscal 2022. All comparisons are to the first quarter of fiscal 2021 unless otherwise noted. Q1-2022 financial highlights:
- Volume of 1.2 billion lbs., up 2 percent; organic volume1 down 4 percent
- Record net sales of USD 3.0 billion, up 24 percent; organic net sales1 up 13 percent
- Operating income of USD 320 million, up 19 percent
- Operating margin of 10.5 percent, compared to 10.9 percent last year
- Pretax earnings of USD 309 million, up 11 percent
- Effective tax rate of 22.4 percent, compared to 19.7 percent last year
- Diluted earnings per share of USD 0.44, up 7 percent compared to last year
- Cash flow from operations of USD 384 million, up 87 percent
«We remain on track to deliver our sales and earnings guidance for the year as our team achieved its fifth consecutive quarter of record net sales and grew operating income by double digits during the first quarter,» said Jim Snee, chairman of the board, president and chief executive officer. «Our ability to deliver these results demonstrates the strength of our balanced business model and our exceptional execution in navigating difficult operating conditions. This is a testament to our experienced management team, clear strategic priorities and dedicated team members around the world.»
For additional information please read the Company’s PDF file below (215 KB):
20220302-HORMEL-Q1-2022.