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.
