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Hormel Foods Corporation stock price
Hormel Foods Corporation latest news:
Hormel Foods beats profit and sales expectations
Shares of Hormel Foods Corp. were indicated up over 1% in premarket trade Tuesday, after the branded food company, which brands include Skippy, Hormel and Spam, beat fiscal fourth-quarter profit and revenue expectations. Net income for the quarter to Oct. 29 fell to $218.2 million, or 41 cents a share, from $243.9 million, or 45 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 40 cents. Revenue declined to $2.49 billion from $2.63 billion, but was above the FactSet consensus of $2.42 billion. Refrigerated foods revenue fell 5.7% to $1.17 billion, just shy of the FactSet consensus of $1.18 billion, while grocery products revenue declined 0.5% to $489.2 million, but beat expectations of $429.3 million. Jennie-O Turkey Store sales declined 10.4% to $484.9 million, beating the FactSet consensus of $408.4 million. The company said it has merged its grocery products business with its specialty foods business. Looking ahead, Hormel expects 2018 EPS of $1.60 to $1.70, which surrounds expectations of $1.63, and revenue of $9.40 billion to $9.80 billion, compared with the FactSet consensus of $9.65 billion. The stock has lost 4.1% year to date through Monday, while the S&P 500 has gained 15%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Hormel Foods raises dividend
Hormel Foods Corp. said late Monday its board of directors has authorized a 10% increase to the company's annual dividend, to 75 cents a share from 68 cents a share, the company said in a statement. The first dividend of 18.75 cents is payable Feb. 15 to shareholders of record Jan. 16, Hormel said. Shares of Hormel were flat in late trading after ending the regular session up 0.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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