Hormel reports 2nd quarter results
The company delivers record first half sales and increases full year sales guidance
Hormel Foods Corporation reported Thursday results for the second quarter of fiscal 2021.
The company reported a record net sales of $2.6 billion, up 8% from second quarter 2020 and pretax earnings of $293 million, up 2% from last year.
“Once again, our balanced business model has proven to be a winning formula as our team delivered record sales in the first half and is on pace to deliver a second consecutive year of record sales,” said Jim Snee, chairman of the board, president and chief executive officer. “We were able to achieve these record results through strong foodservice sales, continued elevated demand in the retail, deli and international channels, and improved supply chain performance.”
In February 2021, the company entered into a definitive agreement to acquire the Planters snack nuts business. The company expects to close the transaction in June of this year.