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.
