Hormel Foods Reports Record Third Quarter Results

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

All comparisons are to the third quarter or first nine months of fiscal 2011.

HIGHLIGHTS

Third Quarter
  • Diluted EPS of $.41 up 14 percent from diluted EPS of $.36
  • Segment operating profit up 17 percent
  • Dollar sales of $2.0 billion, up 5 percent
  • Volume up 4 percent
  • Grocery Products operating profit up 32 percent; volume up 16 percent (volume up 2 percent excluding sales of Don Miguel products); dollar sales up 21 percent (dollar sales up 3 percent excluding sales of Don Miguel products)
  • Jennie-O Turkey Store operating profit up 12 percent; volume up 3 percent; dollar sales up 7 percent
  • Refrigerated Foods operating profit up 7 percent; volume up 1 percent; dollar sales flat
  • Specialty Foods operating profit up 18 percent; volume up 4 percent; dollar sales up 11 percent
  • All Other (primarily Hormel Foods International) operating profit up 55 percent; volume up 3 percent; dollar sales up 2 percent

The company reported fiscal 2012 third quarter net earnings of $111.2 million, up 13 percent from net earnings of $98.5 million a year earlier. For the nine months ended July 29, 2012, net earnings were $367.4 million, up 3 percent from net earnings of $356.9 million the same period last year. Diluted net earnings per share for the nine months ended July 29, 2012, were $1.37, up 5 percent from diluted net earnings per share of $1.31 last year.

Sales for the quarter were $2.0 billion, up 5 percent from the same period in fiscal 2011. For the nine months ended July 29, 2012, sales totaled $6.1 billion, up 5 percent from the same period last year.

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