Hormel Foods Reports Record First Quarter Results
AUSTIN, Minn. | February 20, 2014
Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2014 first quarter. All comparisons are to the first quarter of fiscal 2013.
- Record diluted EPS of $0.57, up 19 percent from $0.48 per share
- Segment operating profit increased 20 percent
- Record dollar sales of $2.2 billion, increased 6 percent; volume up 2 percent
- Grocery Products operating profit up 13 percent; volume up 24 percent (volume down 3 percent excluding sales of SKIPPY® products); dollar sales up 20 percent (dollar sales down 2 percent excluding sales of SKIPPY® products)
- Refrigerated Foods operating profit up 59 percent; volume down 1 percent; dollar sales up 6 percent
- Jennie-O Turkey Store operating profit up 1 percent; volume flat; dollar sales up 2 percent
- Specialty Foods operating profit down 11 percent; volume down 10 percent; dollar sales down 16 percent
- International & Other operating profit up 32 percent; volume up 19 percent (volume up 6 percent excluding sales of SKIPPY® products); dollar sales up 24 percent (dollar sales up 12 percent excluding sales of SKIPPY® products)
The company reported fiscal 2014 first quarter net earnings of $153.3 million, up 18 percent from net earnings of $129.7 million a year earlier. Diluted earnings per share for the quarter were $0.57, up 19 percent compared to $0.48 last year. Sales for the quarter were $2.2 billion, up 6 percent from the same period in fiscal 2013.
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