Hormel Foods Reports Record Second Quarter Results

AUSTIN, Minn. | May 21, 2014 Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2014 second quarter. All comparisons are to the second quarter of fiscal 2013. 

Second Quarter Highlights:

• Record diluted EPS of $0.52, up 13 percent from $0.46 per share
• Segment operating profit increased 14 percent
• Record dollar sales of $2.2 billion, up 4 percent; volume down 1 percent
• Grocery Products operating profit up 16 percent; volume up 1 percent; dollar sales flat
• Refrigerated Foods operating profit up 38 percent; volume flat; dollar sales up 10 percent
• Jennie-O Turkey Store operating profit up 2 percent; volume down 5 percent; dollar sales down 1 percent
• Specialty Foods operating profit down 26 percent; volume down 14 percent; dollar sales down 12 percent
• International & Other operating profit up 34 percent; volume up 26 percent; dollar sales up 23 percent 

The company reported fiscal 2014 second quarter net earnings of $140.1 million, up 12 percent from net earnings of $125.5 million a year earlier. Diluted earnings per share for the quarter were $0.52, up 13 percent compared to $0.46 last year. Sales for the quarter were $2.2 billion, up 4 percent from the same period in fiscal 2013. Full report.