UPDATE 1-Hormel Foods tops quarterly estimates on strong demand for protein-rich foods
Hormel Foods Corporation HRL | 0.00 |
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May 28 (Reuters) - Skippy peanut butter maker Hormel Foods HRL.N beat second-quarter sales and profit estimates on Thursday, helped by strong demand for its chicken and turkey products.
Shares of the company, which reiterated its annual targets, rose about 8% in premarket trading.
Persistent inflation and tariff-related volatility have led U.S. shoppers to stock up on pantry staples to cook meals at home rather than spend on expensive dine-outs, boosting sales for Hormel's products.
With its range of protein-rich meats and snacks, the company has also benefited from growing demand for high-protein foods, driven largely by Gen Z's preference for convenient, protein-heavy options.
Hormel posted a revenue of $2.97 billion for the quarter ended April 26, above analysts' average estimate of $2.95 billion, according to data compiled by LSEG.
Its adjusted net income for the quarter stood at 40 cents per share, beating expectations of 36 cents per share.
