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 second-quarter fiscal 2018 (ended April 2018) 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 misses on earnings. Adjusted earnings per share came in at 44 cents per share, a penny lower than the Zacks Consensus Estimate of 45 cents.
Revenue: Revenues of $2,330.6 million came below the Zacks Consensus Estimate of $2,390 million
Key Stats: HRL has reaffirmed its earnings and sales guidance for fiscal 2018 (ending October 2018). The company anticipates to generate revenues within the range of $9.7-$10.1 billion and earnings within $1.81-$1.95 per share for the current fiscal year. Stronger demand for major brands is boosting the HRL’s revenues but ongoing turkey market challenges remains a drag.
Stock Price: At the time of writing, the stock price of HRL was down nearly 0.56% ($35.62) in the pre-market trade on Nasdaq. Clearly the initial reaction to the release is negative. We perceive that the company’s weaker-than-expected earnings result has primarily driven the negative sentiment.
As of May 23, 2018, HRL’s closed the trading session at $35.82 per share.
Shares prices did not show any movement in the pre-market trading session.
Check back later for our full write up on this HRL earnings report later!
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