Wed, Jul 23, 2014, 11:44 AM EDT - U.S. Markets close in 4 hrs 16 mins

Recent

% | $
Click the to save as a favorite.

Hormel Foods Corporation Message Board

  • bluecheese4u bluecheese4u Nov 24, 2009 9:17 AM Flag

    Hormel Foods Reports Fourth Quarter and Full Year Results

    Hormel Foods Reports Fourth Quarter and Full Year Results
    AUSTIN, Minn.--(BUSINESS WIRE)--Nov. 24, 2009-- Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2009 fourth quarter and full year.

    HIGHLIGHTS

    Fourth Quarter

    •Diluted EPS of $.77, up 54 percent from $.50 per share in 2008
    •Segment operating profit increased 17 percent from last year
    •Dollar sales of $1.68 billion decreased 10 percent from 2008
    •Volume down 3 percent from 2008
    •Grocery Products operating profit up 12 percent; volume down 7 percent; dollar sales down 12 percent
    •Refrigerated Foods operating profit up 23 percent; volume up 1 percent; dollar sales down 9 percent
    •Jennie-O Turkey Store operating profit up 6 percent; volume down 6 percent; dollar sales down 10 percent
    •Specialty Foods operating profit up 9 percent; volume down 8 percent; dollar sales down 12 percent
    •All Other operating profit up 53 percent; volume down 11 percent; dollar sales down 13 percent
    •Net Interest and Investment Income was up $22.9 million from 2008
    Fiscal Year

    •Diluted EPS of $2.53, up 22 percent from $2.08 per share in 2008
    •Segment operating profit up 7 percent from last year
    •Dollar sales of $6.53 billion down 3 percent from 2008
    •Volume down 3 percent
    •Grocery Products operating profit up 9 percent; volume down 3 percent; dollar sales down 2 percent
    •Refrigerated Foods operating profit up 7 percent; volume down 1 percent; dollar sales down 2 percent
    •Jennie-O Turkey Store operating profit up 11 percent; volume down 3 percent; dollar sales down 3 percent
    •Specialty Foods operating profit down 2 percent; volume down 9 percent (down 12 percent excluding acquisitions); dollar sales down 9 percent (down 11 percent excluding acquisitions)
    •All Other operating profit up 2 percent; volume up 2 percent; dollar sales down 2 percent
    •Net Interest and Investment Income was up $47.7 million from 2008
    The company reported fiscal 2009 fourth quarter net earnings of $103.9 million, up 53 percent from earnings of $ 67.8 million a year earlier. Diluted earnings per share for the quarter were $.77 this year compared to $.50 per share last year. Sales totaled $1.68 billion, which was down 10 percent from fiscal 2008.

    For the twelve months ending October 25, 2009, net earnings were $342.8 million, or $2.53 per diluted share, (up 22 percent) compared to $285.5 million a year ago, or $2.08 per diluted share. Sales totaled $6.53 billion, down 3 percent from $6.75 billion in the same period last year.



    http://phx.corporate-ir.net/phoenix.zhtml?c=71258&p=irol-newsArticle&ID=1358738&highlight=

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Part two

      COMMENTARY

      “We are pleased to report an excellent finish to fiscal 2009. All five business segments contributed to our third consecutive strong quarter, generating a 54 percent increase in EPS and a 17 percent increase in segment operating profit. We are happy to get back on track with our long-term record of earnings growth after a challenging year in 2008,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.

      “Our Refrigerated Foods segment led the way with strong earnings resulting from an enhanced product mix bolstered by lower input costs. Our Grocery Products segment posted solid earnings results from lower year-over-year input costs for many items and behind the strength of increased sales and market share of our Hormel chili product line. Our Jennie-O Turkey Store segment benefitted from reduced production levels and lower input costs. A return to positive earnings comparisons by our Specialty Foods and All Other segments, lower freight and warehouse expenses across all of our business segments and improved investment income results also contributed to our strong earnings results,” explained Ettinger.

      “Although we are pleased with our earnings, we experienced disappointing sales in the fourth quarter. The decline in sales was attributable in part to lower commodity costs reflected in lower pricing in our pork and turkey complex, planned production reductions at Jennie-O Turkey Store, product rationalizations and some difficult comparisons from the prior year. In addition, we were also faced with a continued weak consumer environment that hampered sales efforts during the quarter,” Ettinger remarked.

      “For the full year, earnings per share grew 22 percent on a 3 percent reduction in sales. Four of our five segments posted increased segment operating profits over a year ago, and total operating profits increased 7 percent from a year ago,” stated Ettinger.

      “This morning, we announced an $.08 per share increase to our annual dividend rate (or 10.5%), making the new dividend $.84 per share. This is the 44th consecutive year in which we’ve increased our dividend,” Ettinger concluded.

    • part two

      COMMENTARY

      “We are pleased to report an excellent finish to fiscal 2009. All five business segments contributed to our third consecutive strong quarter, generating a 54 percent increase in EPS and a 17 percent increase in segment operating profit. We are happy to get back on track with our long-term record of earnings growth after a challenging year in 2008,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.

      “Our Refrigerated Foods segment led the way with strong earnings resulting from an enhanced product mix bolstered by lower input costs. Our Grocery Products segment posted solid earnings results from lower year-over-year input costs for many items and behind the strength of increased sales and market share of our Hormel chili product line. Our Jennie-O Turkey Store segment benefitted from reduced production levels and lower input costs. A return to positive earnings comparisons by our Specialty Foods and All Other segments, lower freight and warehouse expenses across all of our business segments and improved investment income results also contributed to our strong earnings results,” explained Ettinger.

      “Although we are pleased with our earnings, we experienced disappointing sales in the fourth quarter. The decline in sales was attributable in part to lower commodity costs reflected in lower pricing in our pork and turkey complex, planned production reductions at Jennie-O Turkey Store, product rationalizations and some difficult comparisons from the prior year. In addition, we were also faced with a continued weak consumer environment that hampered sales efforts during the quarter,” Ettinger remarked.

      “For the full year, earnings per share grew 22 percent on a 3 percent reduction in sales. Four of our five segments posted increased segment operating profits over a year ago, and total operating profits increased 7 percent from a year ago,” stated Ettinger.

      “This morning, we announced an $.08 per share increase to our annual dividend rate (or 10.5%), making the new dividend $.84 per share. This is the 44th consecutive year in which we’ve increased our dividend,” Ettinger concluded.

 
HRL
48.14-0.11(-0.23%)11:43 AMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.