| Stage | HRL | % of rev | SFD | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $3.0B | 100.00% | $3.4B | 100.00% | SFD ×1.16 |
| Gross profit | $472M | 15.92% | $313M | 9.11% | HRL +6.8pp |
| Operating income | $148M | 5.00% | $127M | 3.70% | HRL +1.3pp |
| Pre-tax income | $103M | 3.48% | $120M | 3.49% | 0.0pp |
| Net income | $60M | 2.01% | $91M | 2.65% | SFD +0.6pp |
| Stage | HRL | SFD | Gap · A − B |
|---|---|---|---|
| Revenue | $3.0B100.00% | $3.4B100.00% | SFD ×1.16 |
| Gross profit | 15.92%$472M | 9.11%$313M | HRL +6.8pp |
| Operating income | 5.00%$148M | 3.70%$127M | HRL +1.3pp |
| Pre-tax income | 3.48%$103M | 3.49%$120M | 0.0pp |
| Net income |
| 2.01%$60M |
| 2.65%$91M |
| SFD +0.6pp |