Hormel Foods reports record third quarter results

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.