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Hormel Foods Reports First Quarter Results

Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2013 first quarter. All comparisons are to first quarter of fiscal 2012.

HIGHLIGHTS

First Quarter

  • Diluted EPS of $.48, even with last year
  • Segment operating profit even with last year
  • Dollar sales of $2.1 billion, up 4 percent
  • Volume up 2 percent
  • Grocery Products operating profit up 13 percent; volume up 20 percent (volume up 4 percent excluding sales of Don Miguel products); dollar sales up 24 percent (sales up 4 percent excluding sales of Don Miguel products)
  • Refrigerated Foods operating profit even with last year; volume down 2 percent; dollar sales down 2 percent
  • Jennie-O Turkey Store operating profit down 23 percent; volume even with last year; dollar sales up 3 percent
  • Specialty Foods operating profit up 43 percent; volume up 1 percent; dollar sales up 7 percent
  • All Other (International) operating profit up 37 percent; volume up 5 percent; dollar sales up 4 percent

The company reported fiscal 2013 first quarter net earnings of $129.7 million, up 1 percent from earnings of $128.4 million a year earlier. Diluted earnings per share for the quarter were $.48 this year, even with last year. Sales totaled $2.1 billion, which was up 4 percent from the same period in fiscal 2012.

COMMENTARY

“We continue to generate solid top-line momentum with many of our franchises, as our broad portfolio of value-added products resonates with consumers. In terms of operating profits, strong results by our Specialty Foods, Grocery Products and All Other (International) segments offset weaker results by our Jennie-O Turkey Store segment. Results in our Refrigerated Foods segment, while even with a year ago, were hindered by poor pork processing margins. Overall, earnings per share of $0.48 during the quarter were consistent with our expectations for the start of fiscal 2013,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.

Stock quotes in this article: HRL 

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