Hormel Foods reports Q3 adjusted EPS 37c, consensus 36c

Reports Q3 revenue $2.9B, consensus $2.95B. Reports Q3 volume 1.02B pounds. “We delivered solid third-quarter results and another quarter of better-than-expected earnings,” said Jim Snee, chairman of the board, president and chief executive officer. “Many of our key retail brands are growing, outperforming their categories and, most importantly, resonating with our customers and consumers. Our Foodservice business continued to deliver above-industry growth, highlighting the importance of our solutions-based portfolio, direct selling team, and diverse customer and operator base. We again experienced significant recovery in our International segment, led by our global brands. Lastly, we continued to realize growing benefits from our transform and modernize initiative, creating impactful improvements across our supply chain.”