Hormel Foods Q2 Organic Sales Grow 3% to $2.97B, Adjusted EPS 40¢
HRL•Hormel Foods posted Q2 net sales of $2.97 billion, up 3% on an organic basis, and delivered GAAP EPS of $0.29 alongside 40 cents in adjusted EPS, marking its sixth consecutive quarter of organic growth. The company updated annual operating income guidance to $960 million–$1.02 billion and completed the $50 million whole-bird turkey divestiture.
1. Second Quarter Financial Results
Hormel Foods generated net sales of $2.97 billion in Q2, up 3% organically, and reported GAAP earnings of $0.29 per share and adjusted EPS of $0.40, marking its sixth consecutive quarter of organic growth. Operating income reached $217 million, with adjusted operating income of $294 million.
2. Segment Performance
The Retail segment delivered flat net sales and 1% organic growth with a 13% increase in segment profit. Foodservice net sales rose 6% (7% organic) with an 11% profit gain, while International segment net sales grew 4% (5% organic) and segment profit jumped 20%.
3. Guidance Update and Portfolio Change
The company affirmed annual net sales guidance of $12.2–$12.5 billion, updated operating income guidance to $960 million–$1.02 billion, and maintained adjusted operating income outlook of $1.06–$1.12 billion. Hormel Foods completed the sale of its whole-bird turkey business, reducing annual net sales by approximately $50 million with minimal EPS impact.
