Hormel improves on fourth-quarter profit, slightly missing revenue forecast
Hormel Foods Corp. on Tuesday posted fourth-quarter earnings of $261.4 million, besting its profit from the same period a year ago.
The Austin-based maker of Spam, Wholly Guacamole and Skippy peanut butter reported revenue of $2.52 billion, or 48 cents per share, for the quarter ended Oct. 28. The company fell slightly short of Wall Streets revenue expectations while beating consensus on a per-share basis by 2 cents.
Our team delivered a record quarter of earnings, said Jim Snee, Hormel chairman and chief executive, in the earnings release. Refrigerated Foods had a particularly solid quarter led by value-added growth in retail, deli, and foodservice channels which offset a continued decline in commodity profits.
Jennie-O Turkey Store continues to languish under lower whole bird sales, higher feed costs, and increased freight expenses. The companys turkey business, based in Willmar, reported a profit decline of 31 percent.
For the full fiscal year, Hormel posted a profit of $1.01 billion, or $1.86 per share, up 19.5 percent from last year. In fiscal 2018, Hormel made its largest acquisition in company history with the $857-million purchase of Columbus Craft Meats.
Kristen Leigh Painter 612-673-4767