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Hormel Foods fiscal Q3 profit climbs 12.1% YOY

Hormel Foods Corp. said its normalized net income for the fiscal third quarter ended July 26 amounted to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 27 cents per share.

EPS rose 12.0% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $148.0 million, an increase of 12.1% from $132.1 million in the prior-year period.

The normalized profit margin climbed to 6.5% from 5.8% in the year-earlier period.

Total revenue fell year over year to $2.19 billion from $2.28 billion, and total operating expenses declined 5.7% on an annual basis to $1.96 billion from $2.07 billion.

Reported net income rose 6.0% from the prior-year period to $146.1 million, or 27 cents per share, from $137.9 million, or 26 cents per share.