Hormel Foods said net sales for fiscal 2024 Q1 (ended January 28, 2024) rose 1% to $3.0 billion, operating income fell 2% to $284 million, and adjusted operating income rose 2% to $295 million.

1. 01

   Hormel Foods said net sales for fiscal 2024 Q1 (ended January 28, 2024) rose 1% to $3.0 billion, operating income fell 2% to $284 million, and adjusted operating income rose 2% to $295 million.

2. 02

   The company said total volume for Q1 rose 4% to 1.1 billion lbs. Retail volume increased 2% while net sales fell 2%, Foodservice volume rose 8% and net sales rose 9%, and International volume increased 11% while net sales fell 3%.

3. 03

   Hormel Foods reaffirmed its fiscal 2024 outlook for net sales growth of 1% to 3%, diluted net earnings per share of $1.43 to $1.57, and adjusted diluted net earnings per share of $1.51 to $1.65. The company said the full-year outlook reflects a significant year-over-year decline in whole bird turkey markets.

4. 04

   The company said cash flow from operations for Q1 rose 98% to $404 million. On the cash flow statement, the Decrease (Increase) in Working Capital line was $115,402 thousand, compared with $(67,564) thousand in the same quarter last year.

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Original filing

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