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Hormel Foods Matches Earnings Forecast but Revenue Misses
Hormel Foods blames tax reform changes for a decline in fiscal first-quarter earnings.
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The owner of brands like Spam and Skippy posted per-share earnings of 44 cents a hare, matching the FactSet consensus of analysts. Net income was $241.4 million. A year earlier, Hormel reported EPS of 56 cents on earnings of $303.1 million.
The company said tax reform benefits in the prior year was a reason for earnings decline in the latest first quarter. The company's effective tax rate in 2018 was 21.3% vs. to 0.6% in 2017.
Despite first-quarter sales rising to $2.36 billion from $2.33 billion the prior year, revenue slightly missed the FactSet consensus of $2.39 billion.
Sales from refrigerated products increased to $1.28 billion but missed estimates of $1.29 billion while sales of grocery products also missed estimates, coming in at $606 million.
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https://www.thestreet.com/investing/stoc...yptr=yahoo
![[Bild: HRLc1dl1330.png]](https://finviz.com/publish/022119/HRLc1dl1330.png)
Hormel Foods blames tax reform changes for a decline in fiscal first-quarter earnings.
...
The owner of brands like Spam and Skippy posted per-share earnings of 44 cents a hare, matching the FactSet consensus of analysts. Net income was $241.4 million. A year earlier, Hormel reported EPS of 56 cents on earnings of $303.1 million.
The company said tax reform benefits in the prior year was a reason for earnings decline in the latest first quarter. The company's effective tax rate in 2018 was 21.3% vs. to 0.6% in 2017.
Despite first-quarter sales rising to $2.36 billion from $2.33 billion the prior year, revenue slightly missed the FactSet consensus of $2.39 billion.
Sales from refrigerated products increased to $1.28 billion but missed estimates of $1.29 billion while sales of grocery products also missed estimates, coming in at $606 million.
...
https://www.thestreet.com/investing/stoc...yptr=yahoo
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