Hormel reports slight increase in quarterly earnings
© Copyright Agri-Pulse Communications, Inc.
AUSTIN, Minn., Aug. 22, 2013 - Hormel Foods Corp. reported a slight increase today in third quarter earnings, up 2 percent to $113.6 million from last year's $111.2 million.
For the nine months ending July 28, net earnings were $368.9 million, as compared to net earnings of $367.4 million the same period last year.
Hormel said sales for the quarter were $2.2 billion, up 8 percent from the same period in FY 2012. For the nine months ending July 28, sales totaled $6.4 billion, up 6 percent from the same period last year.
“We had a solid quarter, with all five segments reporting increased sales over last year,” said Jeffrey M. Ettinger, Hormel chairman of the board, president and chief executive officer. “We also generated improved earnings, with four of five segments posting increased operating profits.”
Ettinger said earnings per share of $0.42 for the third quarter was in line with their expectations and keeps the company on pace with its full year adjusted guidance range.
Ettinger said the company's grocery products segment benefitted from good performance by its Skippy peanut butter acquisition as well as its Jennie-O turkey products.
“Our international business continues to achieve impressive results, led by strong export sales of our Spam family of products and fresh pork,” Ettinger said. “Higher pork input costs squeezed margins for our retail value-added products, particularly bacon, decreasing our refrigerated foods segment results during the quarter.”
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