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Jul 30, 2023
Hormel Q3 2023 Earnings Report
Hormel Foods reported third quarter fiscal 2023 results, with volume growth in each segment and progress on key initiatives.
Key Takeaways
Hormel Foods reported Q3 2023 results with net sales of $3.0 billion and operating income of $217 million, impacted by a $70 million adverse arbitration ruling. Adjusted net earnings per share were in line with last year.
Volume grew across all segments.
Adjusted net earnings per share were in line with the previous year.
Progress was made in reducing inventory and building momentum in the Planters snack nuts business.
The Foodservice segment delivered another quarter of strong bottom-line growth.
Hormel
Hormel
Forward Guidance
The Company expects modest volume growth in the fourth quarter, with net sales between $3.1 billion and $3.6 billion. Full-year net sales are expected to be down (4)% to flat. Fourth quarter diluted net earnings per share are expected to be down from last year.
Positive Outlook
- Growth from the Foodservice segment
- Continued recovery in turkey
- Improved fill rates in key categories
Challenges Ahead
- Continued weakness in the International segment
- Lower Retail segment results