Hormel Foods: Reports First Quarter 2024 Results

Austin / MN. (hrl) Hormel Foods Corporation, a leading global branded food company, reported results for the first quarter of fiscal 2024 ending January 28, 2024. All comparisons are to the first quarter of fiscal 2023 unless otherwise noted.

Executive Summary First Quarter 2024

• Volume of 1.1 billion lbs., up 4 percent
• Net sales of USD 3.0 billion, up 1 percent
• Operating income of USD 284 million, down 2 percent; adjusted operating income of USD 295 million, up 2 percent
• Operating margin of 9.5 percent, compared to 9.7 percent last year; adjusted operating margin of 9.8 percent
• Earnings before income taxes of USD 286 million, up 2 percent; adjusted earnings before income taxes of USD 296 million, up 5 percent
• Effective tax rate of 23.4 percent, compared to 22.6 percent
• Diluted net earnings per share of USD 0.40, comparable to last year; adjusted diluted net earnings per share was USD 0.41
• Cash flow from operations of USD 404 million, up 98 percent

Executive Commentary

«We delivered strong results in the first quarter, led by better-than-expected performance in each of our business segments and progress against our transformation and modernization initiative,” said Jim Snee, chairman of the board, president and chief executive officer. “We are especially encouraged by broad-based volume growth across our businesses, reflecting the strength of our leading brands, robust demand for our foodservice products and momentum in our «Planters» snack nuts business. These results demonstrate our team’s meaningful execution against our strategic priorities, the value of our balanced business model and marked improvements in our supply chain.»

«We are reaffirming our full-year net sales and earnings expectations. We expect continued growth in Foodservice, improvement in our International business, impacts from pricing and innovation in Retail, and further progress on our transformation and modernization initiative. Our teams remain focused on our strategic priorities and delivering on our commitment to improve our business and drive long-term shareholder returns.»

For additional information please read the Company’s PDF file below (123 KB):

20240302-HORMEL-Q12024.