Hormel Foods Corp. reported its performance for the fiscal year 2014 first quarter. All comparisons are to the first quarter of fiscal 2013. The company reported fiscal 2014 first quarter net earnings of $153.3 million, up 18 percent from net earnings of $129.7 million a year earlier. Diluted earnings per share for the quarter were $0.57, up 19 percent compared to $0.48 last year. Sales for the quarter were $2.2 billion, up 6 percent from the same period in fiscal 2013.
First quarter highlights included record diluted earnings per share (EPS) of $0.57, up 19 percent from $0.48 per share; its segment operating profit increased 20 percent; record dollar sales of $2.2 billion, increased 6 percent, volume up 2 percent; grocery products operating profit up 13 percent; volume up 24 percent (volume down 3 percent excluding sales of SKIPPY® products); dollar sales up 20 percent (dollar sales down 2 percent excluding sales of SKIPPY® products); refrigerated foods operating profit up 59 percent; volume down 1 percent; dollar sales up 6 percent; Jennie-O Turkey Store operating profit up 1 percent, volume flat, dollar sales up 2 percent; specialty foods operating profit down 11 percent, volume down 10 percent and dollar sales down 16 percent; international and other operating profit up 32 percent while volume up 19 percent (volume up 6 percent excluding sales of SKIPPY® products) and dollar sales up 24 percent (dollar sales up 12 percent excluding sales of SKIPPY® products). Full report.
