Hormel Foods has announced the Q2 2020 financial results of the company on Thursday. The company has recorded the net volume of 1.2 billion. The company’s net sales went up to 3% and reached $2.4 billion. The pretax earnings of the company decreased 10% and reached $286 million. The diluted earnings per share of the company decreased to 19% and reached at $0.42. The cash flow from operations of the company saw a 102% surge and reached $360 million. Whereas, the company has witnessed operating free cash flow up to 115% and reaches to $280 million.
President, Chief Executive Officer and Chairman of the Board, Jim Snee said, “As a global branded food company, we play a critical role in providing safe, high-quality food during this challenging time.”
“I am incredibly proud of the heroic efforts of our production professionals, who have risen to the challenge and continue to produce food with a sense of purpose and pride. Our commitment is to ensure every Hormel Foods employee is safe and healthy and can continue to meet the needs of our customers and consumers,” Jim Snee further added.
“Our financial results this quarter demonstrate the value of our balanced business model and our team’s ability to react to a rapidly changing environment,” Snee added.
“We continue to excel and gain market share in channels that are open and available to us, namely the retail channel. We know consumers are looking for trusted brands, and we will continue investing in our leading brands such as SPAM, SKIPPY, Jennie-O, HormelNatural Choiceand Applegate,” Jim Snee said.
“Our strong balance sheet and stable cash flows give us the confidence to lean into our business and make the right long-term decisions for our team members, suppliers, customers and shareholders. Even though the COVID-19 pandemic has caused a dramatic shift in consumer behavior, operational disruptions and extreme volatility in raw material markets, we remain financially strong and well-positioned to weather the pandemic,” Jim Snee further added.