Hormel Foods Reports Third Quarter Earnings

AUSTIN, Minn.--(BUSINESS WIRE)--Aug. 19, 2015-- Hormel Foods Corporation today reported record performance for the fiscal year 2015 third quarter. All comparisons are to the third quarter of fiscal 2014.

SUMMARY

• Record diluted EPS of $0.54; non-GAAP¹ diluted EPS of $0.56 excluding Applegate Farms, LLC (“Applegate”) transaction costs of $8.6 million or $0.02 per share.
• 2015 non-GAAP¹ adjusted earnings guidance range increased to $2.57 to $2.63 per share², includes neutral full year impact of Applegate acquisition.
• Record volume sales, up 3 percent; dollar sales of $2.2 billion, down 4 percent.
• Refrigerated Foods segment operating profit up 9 percent (including Applegate transaction costs of $8.6 million); volume up 2 percent; dollar sales down 11 percent.
• Jennie-O Turkey Store segment operating profit down 45 percent; volume down 16 percent; dollar sales down 12 percent. Decreases reflect the substantial impact of the avian influenza outbreak earlier this year.
• Grocery Products segment operating profit up 57 percent; volume up 10 percent; dollar sales up 8 percent. Excluding incremental net sales of MegaMex Foods products, volume and dollar sales flat.
• Specialty Foods segment operating profit up 79 percent; volume up 26 percent; dollar sales up 31 percent. Excluding incremental sales of CytoSport Holdings, Inc. (“CytoSport”) products, volume up 1 percent and dollar sales down 7 percent.
• International & Other segment operating profit up 3 percent; volume down 4 percent; dollar sales down 6 percent. Full report.