By Delimarket.TV Staff
Hormel has reported its performance for the first quarter of fiscal 2013, noting a modest increase in net earnings and sales when compared to last year’s first quarter.
The company stated that fiscal 2013 first quarter net earnings increased one percent from $128.4 million a year earlier to $129.7 million. Sales increased by 4% to $2.1 billion from the same period in fiscal 2012, while diluted earnings per share for the quarter were $.48 this year.
The company reported fiscal 2013 first quarter net earnings of $129.7 million, up 1 percent from earnings of $128.4 million a year earlier. Diluted earnings per share for the quarter were $.48 this year, even with last year. Sales totaled $2.1 billion, which was up 4 percent from the same period in fiscal 2012.
“We continue to generate solid top-line momentum with many of our franchises, as our broad portfolio of value-added products resonates with consumers. In terms of operating profits, strong results by our Specialty Foods, Grocery Products and All Other (International) segments offset weaker results by our Jennie-O Turkey Store segment. Results in our Refrigerated Foods segment, while even with a year ago, were hindered by poor pork processing margins. Overall, earnings per share of $0.48 during the quarter were consistent with our expectations for the start of fiscal 2013,” said Jeffrey M. Ettinger, Chairman of the Board, President and Chief Executive Officer.
“Our Specialty Foods team delivered impressive earnings on significant sales growth and improved operating efficiencies.” commented Ettinger. “Although our team at Jennie-O Turkey Store was confronted with higher grain costs and lower commodity turkey meat prices, we are encouraged by the continued growth in sales of our value-added turkey products, including Jennie-O Turkey Store® fresh tray pack products and turkey bacon.”