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Apr 30, 2023
Hormel Q2 2023 Earnings Report
Hormel Foods reported second quarter fiscal 2023 results, reaffirming full-year net sales and earnings guidance and announcing progress on key initiatives.
Key Takeaways
Hormel Foods reported net sales of $3.0 billion and operating income of $296 million. The company reaffirmed its full-year net sales and earnings guidance, expecting net sales growth of 1% to 3% and diluted net earnings per share of $1.70 to $1.82.
Net sales reached $3.0 billion.
Operating income amounted to $296 million with an operating margin of 9.9%.
Diluted net earnings per share were reported at $0.40.
The company reaffirms full-year net sales and earnings guidance and announces progress on key initiatives.
Forward Guidance
The Company is reaffirming its previously communicated sales and earnings guidance ranges for the full year. For fiscal 2023, the Company expects net sales growth of 1% to 3% compared to the prior year and full-year diluted net earnings per share to be $1.70 to $1.82.
Positive Outlook
- Expects sales and earnings growth in the back half of the year.
- Anticipates continued growth from our Foodservice segment and an inflection in our International segment to be the primary drivers for growth.
- All of our businesses are expected to benefit from higher turkey volumes and improved fill rates in key categories, such as bacon, pepperoni, snack nuts, and for our SPAM® family of products.
- Coupled with the progress we have made on GoFWD — including standing up Brand Fuel, restructuring our sales teams and resourcing our marketing teams to better support our leading brands — we remain confident in our growth outlook as we continue to meet the needs of our customers, consumers and operators in this dynamic environment.
- We are also focused on a number of projects aimed at reducing costs and complexity to improve our margin structure.
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