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Hormel Foods fiscal Q2 profit falls YOY

Hormel Foods Corp. said its normalized net income for the fiscal second quarter ended April 30 amounted to 37 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS fell year over year from 37 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $197.4 million, a decline from $203.3 million in the year-earlier period.

The normalized profit margin climbed to 9.0% from 8.8% in the year-earlier period.

Total revenue fell 4.9% year over year to $2.19 billion from $2.30 billion, and total operating expenses decreased 5.2% year over year to $1.88 billion from $1.99 billion.

Reported net income decreased year over year to $210.5 million, or 39 cents per share, from $217.5 million, or 40 cents per share.