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Hormel Reports Record Earnings

22 May 2015

US - US meat processing giant Hormel Foods has reported record performance for the second quarter of thefinancial year.

The company reported  second quarter net earnings of $180.2 million, up 29 per cent from net earnings of $140.1 million a year earlier.

Diluted earnings per share for the quarter were $0.67, up 29 per cent compared to $0.52 last year.

Sales for the quarter were $2.3 billion, up two per cent from the same period in 2014. The volume of sales was up five per cent.

The Jennie-O Turkey Store segment did well, with operating profit up 41 per cent, volume up 14 per cent and dollar sales up 15 per cent.

The Refrigerated Foods segment reported operating profit up 52 per cent, but dollar sales down eight per cent.

The Grocery Products segment showed operating profit and dollar sales up one per cent, with volume up four per cent. Excluding incremental net sales of MegaMex Foods products, sales' volume was down four per cent and dollar sales were down five per cent.

The Speciality Foods segment reported operating profit up 11 per cent, volume up 17 per cent and dollar sales up 32 per cent. Excluding incremental sales of CytoSport Holdings products, volume was down by six per cent and dollar sales down six per cent.

The International and Other segment operating profit up two per cent, volume down three per cent and dollar sales down seven per cent.


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