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May 01, 2022
Hormel Q2 2022 Earnings Report
Hormel Foods reported record sales and double-digit earnings growth, driven by strong demand and strategic pricing actions.
Key Takeaways
Hormel Foods reported strong top- and bottom-line growth in the second quarter of fiscal 2022, with record net sales of $3.1 billion, up 19%, and diluted earnings per share of $0.48, up 14%. The company reaffirms its full-year sales expectations and narrows its earnings guidance range.
Achieved record net sales of $3.1 billion, up 19%; organic net sales up 10%.
Operating income increased to $335 million, up 16%.
Diluted earnings per share grew to $0.48, up 14% compared to last year.
The company successfully completed the integration of all aspects of the Planters® snack nuts business during the second quarter.
Hormel
Hormel
Forward Guidance
Hormel Foods reaffirms its sales expectations and narrows its earnings guidance range.
Positive Outlook
- Robust demand for brands across retail, foodservice and international channels
- Improvements in supply chain
- Investments in capacity
- Strategic pricing actions
- Expect a strong finish to the year from our Refrigerated Foods business.
Challenges Ahead
- Navigating the impact of HPAI on the Jennie-O Turkey Store supply chain
- External factors affecting the International & Other segment
- Current export logistics challenges
- COVID-related lockdowns in China
- Anticipate large supply gaps in the Jennie-O Turkey Store vertically integrated supply chain, caused by flock losses to date