Hormel Foods Reports Record Third Quarter Results
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.
“Our team was able to achieve another quarter of record sales and earnings, with sales up 6% and earnings per share up 21% versus the same quarter a year ago,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.
“Strong demand for pork and turkey, and increased sales of value-added products in our Refrigerated Foods, Jennie-O Turkey Store and International & Other segments more than offset a challenging quarter for our Grocery Products and Specialty Foods segments,” commented Ettinger. “Our balanced model continues to support consistent revenue and earnings growth.”