Hormel Foods Reports First Quarter Results And Provides Full Year Guidance
AUSTIN, Minn., Feb. 18, 2021 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today reported results for the first quarter of fiscal 2021. All comparisons are to the first quarter of fiscal 2020 unless otherwise noted. Operating free cash flow is presented as a non-GAAP metric.
EXECUTIVE SUMMARY - FIRST QUARTER
Volume of 1.2 billion lbs., down 1%
Record net sales of $2.5 billion, up 3%
Pretax earnings of $277 million, down 5%
Operating margin of 10.9%, compared to 11.8% last year
Effective tax rate of 19.7%, compared to 16.3% last year
Diluted earnings per share of $0.41, down 9% compared to last year
Cash flow from operations of $206 millio
