Earnings To Watch: Hormel Foods (HRL) Reports Q1 Results Tomorrow
Stock Story
Published Feb 28, 2024 02:00
Updated Feb 28, 2024 06:18
Earnings To Watch: Hormel Foods (HRL) Reports Q1 Results Tomorrow
Stock Story -
Packaged foods company Hormel Foods (NYSE:HRL) (NYSE:HRL) will be reporting earnings tomorrow before market open. Here's what to look for.
Last quarter Hormel Foods (NYSE:HRL) reported revenues of $3.20 billion, down 2.6% year on year, missing analyst expectations by 2.1%. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
Is Hormel Foods buy or sell heading into the earnings? Find out by reading the original article on StockStory .
This quarter analysts are expecting Hormel Foods's revenue to decline 1.7% year on year to $2.92 billion, improvement on the 2.4% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.34 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates five times over the last two years.
Looking at Hormel Foods's peers in the packaged food segment, some of them have already reported Q1 earnings results, giving us a hint what we can expect. J. M. Smucker delivered top-line growth of 0.6% year on year, beating analyst estimates by 0.4% and Pilgrim's Pride reported revenues up 9.7% year on year, exceeding estimates by 1.2%. J. M. Smucker traded flat on the results, and Pilgrim's Pride was up 4.5%.
Read the full analysis of J. M. Smucker's and Pilgrim's Pride's results on StockStory.
Investors in the packaged food segment have had steady hands going into the earnings, with the stocks up on average 1.9% over the last month. Hormel Foods is up 1% during the same time, and is heading into the earnings with analyst price target of $30.4, compared to share price of $31.
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Written By: Stock Story
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