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Hormel Foods Management Discusses Q3 2012 Results - Earnings Call Transcript

Sales of our Mexican food products continue to grow, led by Wholly Guacamole Dip and by salsas and tortillas under both the Herdez and CHI-CHI'S brands.

Segment operating profit for our Refrigerated Foods group increased by 7%, with higher sales of our value-added products were able to offset lower pork operating margins. Sales were flat overall, but value-added sales continued to grow.

On the retail side, we enjoyed strong sales of Hormel Natural Choice Deli Meats, Hormel party trays, Hormel bacon and Hormel Pepperoni. Foodservice sales were also higher, led by sales of branded products such as Hormel Natural Choice Deli Meats, Hormel premium hams and premium bacon.

The Jennie-O Turkey Store segment had another solid quarter, with segment operating profit up 12% and sales up 7%. Continued growth in sales of value-added products and an improved product mix more than offset higher grain prices and lower commodity meat prices during Q3. Sales of our Jennie-O Turkey Store retail tray pack fresh turkey and our turkey burgers are still on the rise. We will be building up on last year's highly successful Make The Switch advertising campaign with a new TV commercial this fall, this time featuring turkey bacon and sausage. Stronger sales of whole birds also aided results this quarter for Jennie-O.

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