Hormel’s Q4 results ($0.32) were materially below the prior year, but exceeded HJR/consensus estimates. Excluding the plant fire/recall impact, EPS were $0.35. The primary focus for investors into the quarter, however, was guidance. In previous…

During Q2, conventional egg pricing largely played out as we anticipated, but realized cage-free values likely came in modestly softer than we had expected as supply was somewhat looser than anticipated. Further, the capacity additions/optimizations…

JBS reported strong Q3 results with the upside, relative to us (nearly $95M upside on the EBITDA line, or ~6%), driven by its U.S. red meat operations. We believe favorable movements in its derivative positions…

Tyson’s Q4 results handily exceeded our estimate, which was materially higher than consensus. The upside was driven by Chicken, which generated EBIT nearly $100M higher than early-August guidance. Much better-than-expected late quarter growing conditions likely…

Last week, ADM posted mixed 3Q results, as stronger Ag Services performance and a recovery in ethanol were overshadowed by a mystifyingly poor quarter in Crush. It reduced guidance to $3.25-$3.50, which captured our $3.40…