hormel foods corp (HO7) Snapshot

Hormel Foods Corporation lowered its full year guidance range for fiscal 2013 from $1.93 to $2.03 per share to $1.88 to $1.96 per share. Lower than expected results in pork operations, higher input costs and softer sales of retail products in Refrigerated Foods segment are the primary reason for the expected shortfall in second half results.

Hormel Foods Corporation reported consolidated earnings results for the second quarter and six months ended April 28, 2013. For the quarter, the company reported net sales of $2,152,686,000 compared to $2,012,859,000 a year ago. Operating income was $186,929,000 compared to $194,739,000 a year ago. Earnings before income taxes were $184,903,000 compared to $193,794,000 a year ago. Net earnings attributable to company were $125,520,000 or $0.46 per diluted share compared to $127,887,000 or $0.48 per diluted share a year ago. Capital expenditures totaled $23 million compared to $28 million last year. For the six months period, the company reported net sales of $4,268,927,000 compared to $4,052,298,000 a year ago. Operating income was $385,134,000 compared to $390,672,000 a year ago. Earnings before income taxes were $381,824,000 compared to $388,103,000 a year ago. Net earnings attributable to company were $255,236,000 or $0.95 per diluted share compared to $256,282,000 or $0.95 per diluted share a year ago. Net cash provided by operating activities was $257,558,000 compared to $213,031,000 a year ago. Acquisitions of businesses/intangibles were $663,128,000 compared to $168,000 a year ago. Net purchases of property /equipment was $41,183,000 compared to $56,414,000 a year ago. For the fiscal 2013, the company expects to maintain guidance of $1.93 to $2.03 per share. Capital expenditures are expected to be approximately $120 million to $130 million. Depreciation and amortization are expected to be approximately $120 million to $125 million.

Hormel Foods Corporation announced that its quarterly dividend on the common stock, authorized by the Board of Directors at seventeen cents (17 cents) a share on May 20, 2013, will be paid August 15, 2013, to stockholders of record at the close of business on July 22, 2013.