Hormel foods reports qtrly diluted eps of $0.42

Hormel foods reports second quarter results.company withdraws guidance due to uncertainty regarding impact of covid-19..qtrly net sales of $2.4 billion, up 3%.qtrly diluted earnings per share of $0.42.qtrly volume of 1.2 billion lbs., up 4%.qtrly grocery products volume up 7%; organic volume up 19%.expects to absorb another $60-$80 million in second half of year, weighted primarily to q3.qtrly grocery products net sales up 8%; organic net sales up 20%.in q2, company absorbed approximately $20 million in incremental supply chain costs primarily related to lower production volumes.qtrly jennie-o turkey store volume up 19%.qtrly jennie-o turkey store net sales up 12%.hormel foods says remain financially strong and well-positioned to weather pandemic.qtrly international & other volume down 2%; organic volume down 1%.qtrly international & other net sales up 2%; organic net sales up 3%.q2 earnings per share view $0.43, revenue view $2.39 billion -- refinitiv ibes data.qtrly organic net sales up 6%.qtrly organic volume up 7%.will be looking at near-term opportunities to access debt capital markets to refinance existing debt maturing in april 2021.
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