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Hormel Foods Q2 record net sales $2.4 billion

Christian Fernsby |
Hormel Foods Corporation reported results for the second quarter of fiscal 2020.


Executive summary

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%.

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