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Hormel Foods Reports Record Fourth Quarter, Full Year Results

Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2013 fourth quarter and full year.

All comparisons are to the fourth quarter or full year of fiscal 2012.

HIGHLIGHTS

Fourth Quarter

  • Record diluted EPS of $0.58, up 18 percent from $0.49 per share
  • Segment operating profit increased 21 percent
  • Record dollar sales of $2.3 billion, increased 7 percent; volume up 3 percent
  • Grocery Products operating profit up 17 percent; volume up 24 percent (volume down 2 percent excluding sales of SKIPPY ® products); dollar sales up 23 percent (dollar sales up 1 percent excluding sales of SKIPPY ® products)
  • Refrigerated Foods operating profit up 30 percent; volume down 5 percent; dollar sales up 4 percent
  • Jennie-O Turkey Store operating profit up 25 percent; volume up 8 percent; dollar sales up 7 percent
  • Specialty Foods operating profit down 34 percent; volume down 8 percent; dollar sales down 14 percent
  • International & Other operating profit up 82 percent; volume up 32 percent (volume up 15 percent excluding sales of SKIPPY ® products); dollar sales up 38 percent (dollar sales up 18 percent excluding sales of SKIPPY ® products)

Fiscal Year

  • Record diluted EPS of $1.95, up 5 percent from diluted EPS of $1.86
  • Segment operating profit up 6 percent
  • Record dollar sales of $8.8 billion, up 6 percent; volume up 3 percent
  • Grocery Products operating profit up 18 percent; volume up 29 percent (volume flat excluding sales of SKIPPY ® and DON MIGUEL ® products); dollar sales up 30 percent (dollar sales up 2 percent excluding sales of SKIPPY ® and DON MIGUEL ® products)
  • Refrigerated Foods operating profit up 2 percent; volume down 4 percent; dollar sales up 1 percent
  • Jennie-O Turkey Store operating profit down 7 percent; volume up 1 percent; dollar sales up 3 percent
  • Specialty Foods operating profit up 7 percent; volume down 2 percent; dollar sales up 1 percent
  • International & Other operating profit up 43 percent; volume up 19 percent (volume up 7 percent excluding sales of SKIPPY ® products); dollar sales up 23 percent (dollar sales up 9 percent excluding sales of SKIPPY ® products)

The company reported fiscal 2013 fourth quarter net earnings of $157.3 million, up 19 percent from net earnings of $132.6 million a year earlier. Diluted earnings per share for the quarter were $0.58, up 18 percent compared to $0.49 last year. Sales for the quarter were $2.3 billion, up 7 percent from the same period in fiscal 2012.

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