Hormel Foods Reports Fiscal Q4 Earnings

The Case-Shiller report came out this morning and it showed a 7% increase in home prices for the 12 months ending in September. Because of this week’s holiday, we’re getting reports on GDP, initial claims and durable goods tomorrow.

The stock exchanges will be closed on Thursday for Thanksgiving. Trading will reopen on Friday, but the exchanges will close at 1 pm ET.

This morning, Hormel Foods (HRL) reported fiscal Q4 earnings of 43 cents per share. That was one penny below Wall Street’s forecast.

Here are some details:

• Volume of 1.2 billion lbs., down 2%; organic volume1 down 3%
• Net sales of $2.4 billion, down 3%; organic net sales1 down 4%
• Operating margin of 11.4% compared to 12.8% last year
• Effective tax rate of 15.9% compared to 21.0% last year
• Diluted earnings per share of $0.43, down 9% from $0.47

The shares are currently down a little over 2%.

Posted by on November 24th, 2020 at 10:17 am


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