Posted 2/29/2024, 5:28:47 PM
Hormel Shares Jump 14% After Strong Q1 Earnings Beat Driven by Foodservice and Planters Growth
- Hormel Foods shares jumped 13.7% after exceeding revenue and EPS expectations for Q1 results
- Strong volume growth (up 4% YoY) drove topline increase, with demand up for foodservice and Planters snacks
- Guidance maintained despite earnings beat shows Hormel staying on track
- Hormel shares not very volatile, with only 2 moves over 5% in past year - indicating significant market impact
- Despite being up 6.6% in 2023, Hormel still trades 21.3% below 52-week high of $44.38 from February