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Hormel Foods profit holds relatively steady YOY in fiscal Q1

Hormel Foods Corp. said its normalized net income for the fiscal first quarter ended Jan. 29 came to 41 cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

In the prior-year period, the per-share result came in at a profit of 41 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $221.6 million, compared with $222.5 million in the year-earlier period.

The normalized profit margin increased to 9.7% from 9.7% in the year-earlier period.

Total revenue totaled $2.28 billion, compared with $2.29 billion in the year-earlier period, and total operating expenses totaled $1.94 billion, compared with $1.94 billion in the prior-year period.

Reported net income rose from the prior-year period to $237.6 million, or 44 cents per share, from $233.4 million, or 43 cents per share.