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Hormel Foods Reports Fourth Quarter, Record Full Year Results

Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2012 fourth quarter and full year.

All comparisons are to the fourth quarter or full year of fiscal 2011.

HIGHLIGHTS

Fourth Quarter
  • Diluted EPS of $.49, up 14 percent from $.43 per share
  • Segment operating profit increased 4 percent
  • Dollar sales of $2.2 billion, increased 3 percent; volume up 2 percent
  • Grocery Products operating profit up 22 percent; volume up 17 percent (volume up 2 percent excluding sales of Don Miguel products); dollar sales up 21 percent (sales up 3 percent excluding sales of Don Miguel products)
  • Refrigerated Foods operating profit down 12 percent; volume flat; dollar sales down 3 percent
  • Jennie-O Turkey Store operating profit up 5 percent; volume down 2 percent; dollar sales up 5 percent
  • Specialty Foods operating profit up 8 percent; volume down 2 percent; dollar sales up 7 percent
  • All Other (primarily Hormel Foods International) operating profit up 24 percent; volume up 3 percent; dollar sales up 1 percent

Fiscal Year
  • Record diluted EPS of $1.86, up 7 percent from diluted EPS of $1.74
  • Segment operating profit up 1 percent
  • Record dollar sales of $8.2 billion, up 4 percent; volume flat
  • Grocery Products operating profit up 12 percent; volume up 6 percent (volume down 2 percent excluding sales of Don Miguel products); dollar sales up 10 percent (sales up 1 percent excluding sales of Don Miguel products)
  • Refrigerated Foods operating profit down 22 percent; volume down 1 percent; dollar sales up 1 percent
  • Jennie-O Turkey Store operating profit up 16 percent; volume down 2 percent; dollar sales up 6 percent
  • Specialty Foods operating profit up 8 percent; volume up 1 percent; dollar sales up 11 percent
  • All Other (primarily Hormel Foods International) operating profit up 38 percent; volume up 4 percent; dollar sales up 7 percent

The company reported fiscal 2012 fourth quarter net earnings of $132.6 million, up 13 percent from earnings of $117.3 million a year earlier. Diluted earnings per share for the quarter were $0.49, up 14 percent compared to $0.43 last year. Sales for the quarter were $2.2 billion, up 3 percent from the same period in fiscal 2011.

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