Press Release | Hormel FoodsCompany reaffirms fiscal 2019 earnings guidance while navigating near-term uncertainty related to African swine fever
Company Release - 8/22/2019 6:30 AM ET
AUSTIN, Minn., Aug. 22, 2019 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today reported results for the third quarter of fiscal 2019. All comparisons are to the third quarter of fiscal 2018 unless otherwise noted. Results reflect the divestiture of the CytoSport business. The impact of this transaction is excluded in the presentation of the non-GAAP measures below.
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EXECUTIVE SUMMARY
Volume of 1.1 billion lbs., down 4%; organic volume1 down 1%
Net sales of $2.3 billion, down 3%; organic net sales1 flat
Pretax earnings of $261 million, up 1%
Operating margin of 11.2% compared to 10.9% last year
Effective tax rate of 23.6% compared to 18.4% last year
Diluted earnings per share of $0.37, down 5% due to a higher effective tax rate
Year-to-date cash flow from operations of $573 million, down 23% due to higher working capital
Fiscal 2019 earnings guidance reaffirmed at $1.71 to $1.85 per share
