Hormel Foods said diluted earnings per share for the second quarter of fiscal 2024 fell 15% from a year earlier to $0.34, and adjusted diluted earnings per share were $0.38. Net sales for Q2 declined 3%.

10-QQuarterly reportFiled May 30, 2024Period of report Apr 28, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Hormel Foods said diluted earnings per share for the second quarter of fiscal 2024 fell 15% from a year earlier to $0.34, and adjusted diluted earnings per share were $0.38. Net sales for Q2 declined 3%.
The company said segment profit for Q2 fell 2%. Improved results in the International and Foodservice segments were more than offset by a decline in the Retail segment. It cited lower sales and higher SG&A, including increased advertising investments, as the factors behind the Retail decline.
The company said cash flow from operations for the first six months of fiscal 2024 (6 months) was $640 million, up 55% from the prior year. Cash and cash equivalents rose $750 million over the same period, and it cited proceeds from long-term debt issuance as the main factor.
The company issued senior unsecured notes with a fixed interest rate of 4.800% per year and an aggregate principal amount of $500 million, maturing on March 8, 2024 March 2027. It said it plans to use the proceeds, along with cash on hand, to repay $950 million of notes due in June 2024.

Key figures

Quarter ended April 28, 2024

Revenue: $2.9B
Operating income: $252M
Net income: $189M
EPS: $0.34
Gross profit: $504M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Second-quarter diluted EPS $0.34

Hormel Foods said diluted earnings per share for the second quarter of fiscal 2024 fell 15% from a year earlier to $0.34, and adjusted diluted earnings per share were $0.38. Net sales for Q2 declined 3%.

Source · Based on the MD&A text of the filing

Segment results trend for Q2

The company said segment profit for Q2 fell 2%. Improved results in the International and Foodservice segments were more than offset by a decline in the Retail segment. It cited lower sales and higher SG&A, including increased advertising investments, as the factors behind the Retail decline.

Source · Based on the MD&A text of the filing

6-month operating cash flow $640 million

The company said cash flow from operations for the first six months of fiscal 2024 (6 months) was $640 million, up 55% from the prior year. Cash and cash equivalents rose $750 million over the same period, and it cited proceeds from long-term debt issuance as the main factor.

Source · Based on the MD&A text of the filing

Issuance of $500 million senior unsecured notes in March 2024

The company issued senior unsecured notes with a fixed interest rate of 4.800% per year and an aggregate principal amount of $500 million, maturing on March 8, 2024 March 2027. It said it plans to use the proceeds, along with cash on hand, to repay $950 million of notes due in June 2024.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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