Stock Track | Hormel Soars 6.39% in Pre-market on Strong Sales Beat and Reaffirmed Guidance
Stock Track
May 28
Hormel's stock soared 6.39% in pre-market trading following the release of its second-quarter financial results and updated guidance.
The food company reported Q2 sales of $2,970 million, beating analyst estimates of $2,954 million. Additionally, Hormel reaffirmed its full-year guidance for net sales and organic net sales growth, providing confidence to investors about its future performance.
While the company's Q2 pretax profit and operating income came in below analyst expectations, the market appeared to focus on the positive sales performance and the reaffirmation of the company's annual outlook, which includes an EPS forecast range of $1.28 to $1.37 for the fiscal year.
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