Hormel Foods (HRL) Reports Earnings Tomorrow: What To Expect

Jabin Bastian /
2024/05/29 3:03 am EDT

Packaged foods company Hormel (NYSE:HRL) will be announcing earnings results tomorrow morning. Here's what to look for.

Hormel Foods beat analysts' revenue expectations by 2.8% last quarter, reporting revenues of $3.00 billion, flat year on year. It was a very strong quarter for the company, with a solid beat of analysts' earnings estimates.

Is Hormel Foods a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Hormel Foods's revenue to be flat year on year at $2.97 billion, improving from the 3.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.36 per share.

Hormel Foods Total Revenue

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Hormel Foods has missed Wall Street's revenue estimates five times over the last two years.

Looking at Hormel Foods's peers in the shelf-stable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Hershey delivered year-on-year revenue growth of 8.9%, beating analysts' expectations by 4.5%, and BellRing Brands reported revenues up 28.3%, topping estimates by 5.9%. Hershey's stock price was unchanged after the results, while BellRing Brands was up 2.1%.

Read our full analysis of Hershey's results here and BellRing Brands's results here.

Investors in the shelf-stable food segment have had steady hands going into earnings, with share prices flat over the last month. Hormel Foods is down 2.4% during the same time and is heading into earnings with an average analyst price target of $31.8 (compared to the current share price of $34.7).

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