Hormel Sees Q3 Sales Growth but Falls Short on Earnings
Just before markets opened Thursday, Hormel Foods reported its third-quarter financial results, missing analysts’ estimates for the period.
The company posted net sales of $3.03 billion, with organic net sales rising 6%. Operating income totaled $240 million, while adjusted operating income was $254 million.
Earnings before income taxes reached $237 million, with adjusted earnings before income taxes at $251 million. The effective tax rate was 22.3%.
Diluted earnings per share were $0.33, and adjusted diluted earnings per share came...
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