AUSTIN, Minn.--(BUSINESS WIRE)--Aug. 23, 2012-- Hormel Foods Corporation (NYSE: HRL) today reported its performance for the fiscal year 2012 third quarter.
All comparisons are to the third quarter or first nine months of fiscal 2011.
Third Quarter • Diluted EPS of $.41 up 14 percent from diluted EPS of $.36 • Segment operating profit up 17 percent • Dollar sales of $2.0 billion, up 5 percent • Volume up 4 percent • Grocery Products operating profit up 32 percent; volume up 16 percent (volume up 2 percent excluding sales of Don Miguel products); dollar sales up 21 percent (dollar sales up 3 percent excluding sales of Don Miguel products) •Jennie-O Turkey Store operating profit up 12 percent; volume up 3 percent; dollar sales up 7 percent •Refrigerated Foods operating profit up 7 percent; volume up 1 percent; dollar sales flat •Specialty Foods operating profit up 18 percent; volume up 4 percent; dollar sales up 11 percent • All Other (primarily Hormel Foods International) operating profit up 55 percent; volume up 3 percent; dollar sales up 2 percent
The company reported fiscal 2012 third quarter net earnings of $111.2 million, up 13 percent from net earnings of $98.5 million a year earlier. For the nine months ended July 29, 2012, net earnings were $367.4 million, up 3 percent from net earnings of $356.9 million the same period last year. Diluted net earnings per share for the nine months ended July 29, 2012, were $1.37, up 5 percent from diluted net earnings per share of $1.31 last year.
Sales for the quarter were $2.0 billion, up 5 percent from the same period in fiscal 2011. For the nine months ended July 29, 2012, sales totaled $6.1 billion, up 5 percent from the same period last year.
“We had an excellent quarter, with earnings per share and sales up 14 percent and 5 percent, respectively,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. “All five segments reported increased earnings, led by our Grocery Products segment. Our strong sales growth across multiple segments demonstrates that our products are connecting well with consumers.
“Our Grocery Products segment benefitted from strong sales of our SPAM®family of products and from our MegaMex Foods joint venture. I was also pleased to see sales of our HORMEL® COMPLEATS® microwave meals grow nicely in the quarter. Our Jennie-O Turkey Store segment delivered another good quarter, aided by increased value-added sales and an improved product mix. Our international business continues to achieve impressive results, led by strong export sales of our SPAM®family of products and fresh pork. Increased value-added sales offset lower pork operating margins, boosting our Refrigerated Foods segment results during the quarter. Our Specialty Foods team generated excellent results on higher sales during the quarter,” Ettinger remarked.