WASHINGTON (dpa-AFX) - Hormel Foods Corp. (HRL), while reporting weak second-quarter earnings but above market estimates, on Thursday trimmed the higher end of its earnings outlook for fiscal 2025, but raised lower end of net sales view.
In the pre-market activity on the NYSE, Hormel Foods shares were losing around 0.6 percent to trade at $29.87.
For fiscal year 2025, the company now expects earnings per share of $1.49 to $1.59, compared to previously expected $1.49 to $1.63. Adjusted earnings per share is now projected to be $1.58 to $1.68, compared to $1.58 to $1.72 per share expected earlier.
Net Sales are now expected to be $12.0 billion to $12.2 billion, compared to previous estimate of $11.9 billion to $12.2 billion.
The Wall Street analysts on average expect the company to report earnings of $1.60 per share on sales of $12.11 billion. Analysts' estimates typically exclude special items.
Hormel Foods also said it narrowed organic net sales growth outlook to 2 percent to 3 percent
Jim Snee, president and chief executive officer, said, 'We anticipate strong second half growth led by our range of consumer-focused, protein-centric products. Notably, we expect meaningful contributions from our turkey portfolio, continued momentum in the Planters brand, growth from our leading positions in the marketplace and ongoing benefits from our Transform and Modernize (T&M) initiative. In the face of a dynamic environment, we remain confident in our portfolio, our strategy and our team.'
In its second quarter, net earnings came in at $180.02 million or $0.33 per share, lower than $189.28 million or $0.34 per share last year.
Adjusted earnings were $192.93 million or $0.35 per share for the period, compared to $0.38 last year. Analysts had expected the company to earn $0.34 per share.
The company's net sales for the period rose 0.4 percent to $2.898 billion from $2.887 billion last year. The Street expected sales of $2.90 billion for the quarter.
Organic net sales went up 1 percent.
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