CHICAGO--(BUSINESS WIRE)--The Hillshire Brands Company (NYSE: HSH) today reported results for the fourth quarter and full fiscal year 2014.
- Fourth quarter net sales grew 10.7% to $1.1 billion
- Fourth quarter adjusted1 operating income grew 18.8%; reported operating income grew 20.9%
- Full-year net sales grew 4.2% to $4.1 billion with growth in both operating segments
- Fiscal Year 2014 adjusted diluted EPS of $1.80; reported diluted EPS of $1.71
In the fourth quarter, net sales of $1.1 billion grew 10.7% versus the prior year’s fourth quarter as positive price/mix in both the Retail and Foodservice/Other segments more than offset volume declines resulting largely from pricing actions. The sales growth rate also benefitted from a soft quarter in the prior year and the later timing of the Easter holiday this year. Adjusted operating income of $75 million increased 18.8%, and reported operating income increased 20.9% to $59 million primarily behind higher sales and a continued focus on expense management.
On a full year basis, net sales of $4.1 billion grew 4.2% versus the prior year period as positive price/mix more than offset volume declines. Adjusted operating income of $387 million increased 6.5% and reported operating income increased 3.0% to $306 million as positive mix and cost efficiencies more than offset under-recovery of input cost inflation through pricing. Full report.