Hormel Foods posted its fiscal third-quarter earnings that missed analyst’ expectations, even as revenue surpassed estimates.
The consumer food company’s sales in the quarter grew +6% from the year-ago period to $3.03 billion, above the consensus of $2.98 billion (as reported in Benzinga). Earnings per share of $0.40 , however, came in below the analyst consensus of $0.41.
Net sales for Refrigerated Foods rose +2% year-over-year and that for Grocery Products climbed +25%, while Jennie-O Turkey Store decreased -8%, and International & other sales fell -5%.
Hormel’s gross margin in the quarter expanded +190 basis points from the year-ago to 16.7%.
For full fiscal year 2022, Hormel boosted its sales outlook to a range of $12.2 billion to $12.8 billion from prior guidance of $11.7 billion to $12.5 billion . The consensus is $12.45 billion.
The company cut its EPS outlook to $1.78 to $1.85, from previous forecast of $1.87 to $1.97. Analysts’ consensus is $1.88.