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Hormel Foods Reports Record Third Quarter Results

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Austin, Minn.

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.

HIGHLIGHTS

Third Quarter

  • 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.

COMMENTARY
“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.”

Click here to view the full report.

About Hormel Foods

Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace. The company is a member of the Standard & Poor’s (S&P) 500 Index, S&P 500 Dividend Aristocrats for 2014, was named the 2013 Sustainable Supply Chain of the Year by Refrigerated & Frozen Foods magazine, and was again named one of “The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the sixth year in a row. Hormel Foods was recognized on the G.I. Jobs magazine list of America’s Top 100 Military Friendly Employers in 2012 and 2013, and named one of the 2014 40 Best Companies for Leaders by Chief Executive magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit
www.hormelfoods.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on management’s current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding Forward-Looking Statements and Risk Factors on pages 32 – 38 in the company’s Form 10Q for the quarter ended April 27, 2014, which can be accessed at www.hormelfoods.com under “Investors-SEC Filings.”