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Hormel (HRL) Misses on Q3 Fiscal 2017 Earnings & Revenues
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Minnesota, Austin-based Hormel Foods Corporation (HRL - Free Report) is a prominent meat products firm, conducting trade in the global consumer goods sector. The company sells superior-branded high-quality convenient, nutritious and flavorful edible products to its global customers.
Currently, HRL has a Zacks Rank #3 (Hold) but that could change following its third-quarter fiscal 2017 (ended July 31, 2017) earnings report which has just released.
We have highlighted some of the key details from the just-released announcement below:
Earnings: HRL miss on earnings. Adjusted earnings per share came in at 34 cents per share, lower than the Zacks Consensus Estimate of 37 cents.
Revenue: Revenues of $2,207.4 million came below the Zacks Consensus Estimate of $2,237 million.
Key Stats: Hormel (HRL - Free Report) lowered its fiscal 2017 earnings guidance to the $1.54-$1.58 per share range from the prior projection of $1.65-$1.71 per share. The company noted that cost inflation for inputs such as pork trim and beef trim will continue to mar its near-term profitability. Moreover, the Jennie-O Turkey Store business segment is expected to face persistent challenges, as the industry has yet not secured the required turkey production levels.
Stock Price: At the time of writing, the stock price of HRL was down nearly 4.16% ($1.41) in the pre-market trade on Nasdaq. Clearly the initial reaction to the release is negative. We view the company’s weaker-than-expected third-quarter fiscal 2017 results as the primary reason responsible for this negative sentiment.
As of Aug 23, 2017, HRL’s closed the trading session at $33.92 per share.
Check back later for our full write up on this HRL earnings report later!
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Hormel (HRL) Misses on Q3 Fiscal 2017 Earnings & Revenues
Minnesota, Austin-based Hormel Foods Corporation (HRL - Free Report) is a prominent meat products firm, conducting trade in the global consumer goods sector. The company sells superior-branded high-quality convenient, nutritious and flavorful edible products to its global customers.
Currently, HRL has a Zacks Rank #3 (Hold) but that could change following its third-quarter fiscal 2017 (ended July 31, 2017) earnings report which has just released.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key details from the just-released announcement below:
Earnings: HRL miss on earnings. Adjusted earnings per share came in at 34 cents per share, lower than the Zacks Consensus Estimate of 37 cents.
Revenue: Revenues of $2,207.4 million came below the Zacks Consensus Estimate of $2,237 million.
Key Stats: Hormel (HRL - Free Report) lowered its fiscal 2017 earnings guidance to the $1.54-$1.58 per share range from the prior projection of $1.65-$1.71 per share. The company noted that cost inflation for inputs such as pork trim and beef trim will continue to mar its near-term profitability. Moreover, the Jennie-O Turkey Store business segment is expected to face persistent challenges, as the industry has yet not secured the required turkey production levels.
Stock Price: At the time of writing, the stock price of HRL was down nearly 4.16% ($1.41) in the pre-market trade on Nasdaq. Clearly the initial reaction to the release is negative. We view the company’s weaker-than-expected third-quarter fiscal 2017 results as the primary reason responsible for this negative sentiment.
As of Aug 23, 2017, HRL’s closed the trading session at $33.92 per share.
Hormel Foods Corporation Price
Hormel Foods Corporation Price | Hormel Foods Corporation Quote
Check back later for our full write up on this HRL earnings report later!
One Simple Trading Idea
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
This proven stock-picking system is grounded on a single big idea that can be fortune shaping and life changing. You can apply it to your portfolio starting today.
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