Hormel Foods reports Q1 adjusted EPS 41c, consensus 34c

Reports Q1 revenue $3B, consensus $2.92B. Reports Q1 volume of 1.1B pounds, up 4%. “We delivered strong results in the first quarter, led by better-than-expected performance in each of our business segments and progress against our transformation and modernization initiative,” said Jim Snee, chairman of the board, president and chief executive officer. “We are especially encouraged by broad-based volume growth across our businesses, reflecting the strength of our leading brands, robust demand for our foodservice products and momentum in our Planters(R) snack nuts business. These results demonstrate our team’s meaningful execution against our strategic priorities, the value of our balanced business model and marked improvements in our supply chain.”