Hormel foods reports qtrly earnings per share $0.45

Hormel foods reports first quarter results and maintains fiscal 2020 earnings guidance.reaffirming fiscal 2020 sales and earnings guidance.qtrly earnings per share $0.45.qtrly net sales of $2.4 billion, up 1%.qtrly grocery products volume down 14%.reaffirming fiscal 2020 sales and earnings guidance.qtrly jennie-o turkey store volume up 8%.qtrly grocery products net sales down 11%.qtrly jennie-o turkey store net sales up 3%.started to see a negative impact on business in china from coronavirus outbreak.hormel foods - international team continues to manage through african swine fever, tariffs and uncertainty caused by recent outbreak of coronavirus in china.not yet able to forecast impact of coronavirus outbreak for remainder of 2020.hormel foods - for fy, expect international results to be offset by strong performances from refrigerated foods and jennie-o turkey store.purchase price is $270 million to acquire sadler's smokehouse, and company will fund acquisition with cash on hand.acquisition of sadler smokehouse expected to be neutral to slightly negative to fiscal 2020 earnings.q1 earnings per share view $0.46, revenue view $2.37 billion -- refinitiv ibes data.fy2020 earnings per share view $1.77, revenue view $9.74 billion -- refinitiv ibes data.
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