Hormel Foods reported third-quarter revenue of $2.96 billion, down 2.4% year over year, and earnings per share of $0.37, up from $0.35 a year ago. The revenue fell short of the Zacks Consensus Estimate of $3.05 billion by 2.81%, while EPS beat the consensus estimate of $0.36 by 2.78%. Among its segments, Retail sales declined 4.3% to $1.78 billion, International sales fell 4.7% to $178.74 million, and Foodservice sales rose 1.6% to $1 billion. Segment profits were mixed, with Foodservice profit at $144.48 million, Retail profit at $118.07 million, and International segment profit at a loss of $29.23 million. Hormel shares have dropped 8.1% over the past month, and the stock carries a Zacks Rank of 4, indicating potential underperformance.
Hormel Foods CorporationRevenue fell short of consensus and segment profits were mixed, with International segment posting a loss.
