Hormel Foods Q2 record net sales $2.4 billionChristian Fernsby ▼ | May 22, 2020
Hormel Foods Corporation reported results for the second quarter of fiscal 2020.
Hormel Foods Volume was 1.2 billion lbs.
Topics: Hormel Foods
Volume of 1.2 billion lbs., up 4%; organic volume up 7%
Record net sales of $2.4 billion, up 3%; organic net sales1 up 6%
Pretax earnings of $286 million, down 10%; down 5% to adjusted pretax earnings
last year primarily due to lower investment income
Operating margin of 12.1%, compared to 13.3% last year
Effective tax rate of 20.6%, compared to 11.1% last year
Diluted earnings per share of $0.42, down 19%; down 9% to adjusted diluted earnings per share1 last year
Cash flow from operations of $360 million, up 102%
Operating free cash flow1 of $280 million, up 115%. ■