logo
  

Hormel Foods Boosts FY21 Net Sales Outlook, While Trimming EPS - Quick Facts

While reporting financial results for the third quarter on Thursday, branded food company Hormel Foods Corp. (HRL) raised net sales guidance for the full-year 2021, while trimming annual earnings outlook.

The company said the guidance includes the full impact of the Planters snack nuts business, which was acquired from Kraft Heinz Co. in June 2021.

For fiscal 2021, the company now projects earnings in a range of $1.65 to $1.69 per share on net sales between $11.00 billion and $11.20 billion.

Previously, the company expected earnings in the range of $1.70 to $1.82 per share on net sales between $10.20 billion and $10.80 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.71 per share on net sales of $10.89 billion for the year. Analysts' estimates typically exclude special items.

"We expect to deliver record sales again in the fourth quarter, along with improving margins as additional pricing actions go into effect," said Jim Snee, chairman of the board, president and chief executive officer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) approved Boehringer Ingelheim's Cyltezo as the first interchangeable biosimilar to AbbVie's top-selling drug Humira or adalimumab. Cyltezo, originally approved in August 2017, is both biosimilar to, and interchangeable with Humira for Cyltezo's approved uses. The Food and Drug Administration may be planning to allow people to receive Covid-19 vaccine booster shot that is different from the initial dose, reports indicate. The agency is likely to make the announcement on mix and match approach on coronavirus booster vaccines on Wednesday. The move will be part of FDA's expected authorization of boosters for the Moderna and Johnson & Johnson vaccines. Drug major Johnson & Johnson on Tuesday raised again its forecast for fiscal 2021 earnings and sales, which are above market view, after reporting higher results in the third quarter. The company's quarterly adjusted earnings also beat market estimates. In pre-market activity on the NYSE, JNJ shares were gaining around 1.24 percent to trade at $162.10.
Follow RTT