Hormel Foods Reports Third Quarter Results And Maintains Guidance

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

HIGHLIGHTS

Third Quarter
  • Full year guidance range of $1.88 to $1.96 maintained
  • Diluted EPS of $.42 up 2 percent from diluted EPS of $.41
  • Segment operating profit up 5 percent
  • Dollar sales of $2.2 billion, up 8 percent
  • Volume up 3 percent
  • Grocery Products operating profit up 32 percent; volume up 27 percent (volume down 1 percent excluding sales of SKIPPY® products); dollar sales up 25 percent (dollar sales flat excluding sales of SKIPPY® products)
  • Jennie-O Turkey Store operating profit up 17 percent; volume up 1 percent; dollar sales up 4 percent
  • Refrigerated Foods operating profit down 26 percent; volume down 3 percent; dollar sales up 2 percent
  • Specialty Foods operating profit up 8 percent; volume down 5 percent; dollar sales up 5 percent
  • International & Other operating profit up 34 percent; volume up 28 percent (volume up 10 percent excluding sales of SKIPPY® products); dollar sales up 31 percent (dollars sales up 11 percent excluding sales of SKIPPY® products)

The company reported fiscal 2013 third quarter net earnings of $113.6 million, up 2 percent from net earnings of $111.2 million a year earlier. For the nine months ended July 28, 2013, net earnings were $368.9 million, as compared to net earnings of $367.4 million the same period last year. Diluted net earnings per share for the nine months ended July 28, 2013 were $1.37, equal to a year ago.

Sales for the quarter were $2.2 billion, up 8 percent from the same period in fiscal 2012. For the nine months ended July 28, 2013, sales totaled $6.4 billion, up 6 percent from the same period last year.

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