US food group Hormel Foods has booked a drop in first-half earnings, hurt by costs related to its Skippy acquisition, higher grain costs and weak turkey prices.
In the six months ended 28 April, net profit dropped to US$255.2m. This compared to earnings of $256.3m last year.
Operating profit dropped 1.4% to $385.1m. Sales, however, climbed 5.4% to $4.27bn.
“We were pleased to deliver sales and volume growth, despite harvest reductions in both our refrigerated foods and Jennie-O Turkey Store operations,” said CEO said Jeffrey Ettinger. “In terms of operating profits, improved results by our specialty foods, grocery products, and international & other segments did not fully offset weaker results by our Jennie-O Turkey Store segment.”
The company maintained its full-year EPS guidance range of $1.93 to $2.03.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData