Hormel Foods Corporation announced its fourth-quarter and full-year fiscal 2024 financial results, reporting Q4 net sales of $3.138 billion, which missed analyst consensus estimates of $3.144 billion. The company's Q4 diluted earnings per share increased to $0.40 from $0.36 in the comparable prior-year period. Full-year adjusted diluted EPS stood at $1.58, aligning with expectations.
The company highlighted a record $1.3 billion in operating cash flow for fiscal 2024, demonstrating underlying business strength and efficiency. Hormel also reported capturing $75 million in operating income benefits from its multi-year Transform and Modernize (T&M) initiative during the fiscal year. This initiative aims to enhance efficiency and drive profitable growth across the organization.
For fiscal year 2025, Hormel Foods provided an outlook anticipating net sales between $11.9 billion and $12.2 billion, and adjusted diluted EPS in the range of $1.58 to $1.72. The company expects to realize an incremental $100 million to $150 million in benefits from the T&M initiative in fiscal 2025, signaling confidence in its strategic transformation despite current market dynamics.
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