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Hormel Foods Reports Second Quarter Results And Reaffirms Full Year Earnings Guidance
The company delivers record first half sales and increases full year sales guidance
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AUSTIN, Minn., May 20, 2021 /PRNewswire/ Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today reported results for the second quarter of fiscal 2021. All comparisons are to the second quarter of fiscal 2020 unless otherwise noted.
EXECUTIVE SUMMARY - SECOND QUARTER
Record net sales of $2.6 billion, up 8%
Pretax earnings of $293 million, up 2%
Operating margin of 11.1%, compared to 12.1% last year
Effective tax rate of 22.1%, compared to 20.6% last year