Austin / MN. (hrl) Hormel Foods Corporation, a leading global branded food company, reported results for the third quarter of fiscal 2024, ended July 28. All comparisons are to Q3-2023, unless otherwise noted.
Executive Summary Third Quarter 2024
- Volume of 1.02 billion lbs.
- Net sales of USD 2.90 billion
- Operating income of USD 237 million; adjusted operating income1 of USD 267 million
- Operating margin of 8.2 percent; adjusted operating margin1 of 9.2 percent
- Earnings before income taxes of USD 226 million; adjusted earnings before income taxes1 of USD 256 million
- Effective tax rate of 21.7 percent
- Diluted net earnings per share of USD 0.32; adjusted diluted net earnings per share1 of USD 0.37
- Cash flow from operations of USD 218 million
Executive Commentary
«We delivered solid third-quarter results and another quarter of better-than-expected earnings,» said Jim Snee, chairman of the board, president and chief executive officer. «Many of our key retail brands are growing, outperforming their categories and, most importantly, resonating with our customers and consumers. Our Foodservice business continued to deliver above-industry growth, highlighting the importance of our solutions-based portfolio, direct selling team, and diverse customer and operator base. We again experienced significant recovery in our International segment, led by our global brands. Lastly, we continued to realize growing benefits from our transform and modernize initiative, creating impactful improvements across our supply chain.
«Our team remains focused on finishing the year strong and executing on our strategic priorities. In the fourth quarter, we expect continued momentum across many of our key retail brands, growth within our Foodservice and International businesses, improved service levels for the snack nuts business, and further advancements of our transform and modernize initiative.»
For additional information please read the Company’s PDF file below (301 KB):
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