Hormel Foods Reports Record Third Quarter Results
AUSTIN, Minn. | August 21, 2014
Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2014 third quarter. All comparisons are to the third quarter of fiscal 2013.
- Record diluted EPS of $0.51, up 21 percent from $0.42 per share
- Segment operating profit increased 23 percent
- Record dollar sales of $2.3 billion, up 6 percent; volume down 1 percent
- Grocery Products operating profit down 36 percent; volume down 3 percent; dollar sales down 3 percent
- Refrigerated Foods operating profit up 101 percent; volume flat; dollar sales up 12 percent
- Jennie-O Turkey Store operating profit up 42 percent; volume down 2 percent; dollar sales up 4 percent
- Specialty Foods operating profit down 25 percent; volume down 9 percent; dollar sales down 10 percent
- International & Other operating profit up 12 percent; volume up 12 percent; dollar sales up 18 percent
The company reported record fiscal 2014 third quarter net earnings of $138.0 million, up 21 percent from net earnings of $113.6 million a year earlier. Diluted earnings per share for the quarter were $0.51, up 21 percent compared to $0.42 last year. Sales for the quarter were $2.3 billion, up 6 percent from the same period in fiscal 2013.
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