실적분석 2026년 8월 27일

Hormel Foods ($HRL) FY2026 Q3 Earnings Analysis — Adjusted EPS Beats, Full-Year Adjusted EPS Raised Despite Revenue Miss; After-Hours Weakness

Earnings Scorecard

Revenue: $2.961 billion (-2.4% YoY, estimate $3.053 billion) ❌ Miss

EPS: Adjusted diluted $0.37 (estimate $0.35, GAAP diluted $0.11) ✅ Beat

Guidance: Raised — Full-year adjusted diluted EPS $1.45–$1.51 (prior $1.43–$1.51); revenue cut to $12.1–$12.2 billion (prior $12.2–$12.5 billion)

Stock Reaction: After-hours -1.84% ($23.27) — as of 08-27 20:48 KST

The Positives

Adjusted EPS of $0.37: Beat the $0.35 estimate, modestly above the prior-year adjusted $0.35

Foodservice segment posts 12th consecutive quarter of growth: Organic revenue +2%, segment profit +3%

Full-year adjusted EPS guidance raised: Floor lifted to $1.45–$1.51 and range narrowed

Operating cash flow rose 54% YoY to $241 million, with $161 million returned to shareholders via dividends. Retail-priority brands such as Spam, Applegate, and Planters sustained growth momentum in certain areas.

The Negatives

Revenue miss: $2.961 billion fell short of the $3.053 billion estimate, down 2.4% YoY

Concentrated one-time charges: $56 million Brazil divestiture loss, $48 million Indonesia impairment, $38 million litigation settlement

Full-year revenue guidance cut: $12.1–$12.2 billion (prior $12.2–$12.5 billion), with organic revenue growth trimmed to 1–2%

Retail revenue declined 4%, international revenue fell 5%, and GAAP operating profit dropped sharply to $111 million from $240 million a year earlier. The effective tax rate also surged to 42.3% on one-time impacts.

What Management Said

Interim CEO Jeff Ettinger said the company is raising and narrowing its full-year adjusted earnings outlook based on the trajectory since the start of the year. Incoming CEO John Ghingo attributed the revenue decline to portfolio reshaping, lower commodity input costs, and a pressured consumer environment, while underscoring the relative strength of the foodservice channel.

Market Reaction and Forward Watchpoints

Adjusted earnings beat estimates, but a revenue miss, a trimmed full-year revenue outlook, and one-time charges combined to drive a selling bias in the stock.

Whether Q4 retail organic revenue rebounds

Whether the foodservice segment's consecutive growth streak extends

Whether international segment adjusted earnings stabilize following the Brazil divestiture