Hormel Foods announced its fourth quarter and fiscal year 2013 results with sales increasing 7 and 6 percent, respectively.
The company reported fiscal 2013 fourth quarter net earnings of $157.3 million, up 19 percent from net earnings of $132.6 million a year earlier. Diluted earnings per share for the quarter were $0.58, up 18 percent compared to $0.49 last year. Sales for the quarter were $2.3 billion, up 7 percent from the same period in fiscal 2012.
For the year ended Oct. 27, 2013, net earnings were $526.2 million, up 5 percent from net earnings of $500.1 million last year. Diluted net earnings per share were $1.95, up 5 percent from diluted net earnings per share of $1.86 last year. Sales for the year ended Oct. 27, 2013, totaled $8.8 billion, up 6 percent from last year.
"We achieved excellent results in the fourth quarter with earnings per share growth of 18 percent and sales up 7 percent. We delivered both segment profit and sales increases in four of our five segments. We are pleased with our team’s ability to drive earnings growth through our on-going efforts to improve operational efficiencies and focus on expanding our value-added franchises, providing strong momentum heading into fiscal 2014," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer, in a prepared statement.
"In looking at the full year, we enjoyed sales growth of 6 percent, ending the year at a record $8.8 billion. We grew earnings per share by 5 percent, finishing at record earnings of $1.95 per share, at the upper end of our adjusted guidance range. We broadened our portfolio with the addition of the iconic Skippy® brand, providing our team another excellent platform for innovation across many categories. We continued to execute our value-added growth strategy this year with successful new product launches, including our new Hormel® Rev® snack wraps in the retail space and Hormel® Fire BraisedTM meats in the foodservice channel,” commented Ettinger.