Hormel Foods said diluted earnings per share for Q3 of fiscal 2024 were $0.32, up 7% from a year earlier, and adjusted diluted earnings per share were $0.37. Net sales for the same quarter fell 2% from a year earlier.

1. 01

   Hormel Foods said diluted earnings per share for Q3 of fiscal 2024 were $0.32, up 7% from a year earlier, and adjusted diluted earnings per share were $0.37. Net sales for the same quarter fell 2% from a year earlier.

2. 02

   The company said segment profit for Q3 fell 6%. Improved results in the International segment were more than offset by declines in the Retail and Foodservice segments. The company said International segment profit rose significharly, citing improved export margins among other factors.

3. 03

   The company said cash flow from operations for the first 9 months of fiscal 2024 was $858 million, up 18% from a year earlier. Over the same period, it repaid $950 million of senior unsecured notes at maturity and issued new senior unsecured notes with a principal amount of $500 million.

4. 04

   The company said storms in the Midwest U.S. after the quarter ended caused roof and other damage at its Papillion, Nebraska, manufacturing facility. It said it is assessing the financial impact for the fourth quarter of fiscal 2024 Q4.

Key figures

Quarter ended July 28, 2024

Revenue

$2.9B

Operating income

$237M

Net income

$177M

EPS

$0.32

Gross profit

$488M

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.

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

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