Black Kassel - Snack like Royalty
Eiffel Tower - A creamy cow’s milk delight, featuring a chalky white rind and a cream-colored, buttery, soft interior that oozes when at the peak of ripeness and temperature
Hormel Reports Increased Sales for First Quarter

Hormel Reports Increased Sales for First Quarter


Austin, MN-
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.”

Topics:


Black Kassel - Snack like RoyaltyEiffel Tower - A creamy cow’s milk delight, featuring a chalky white rind and a cream-colored, buttery, soft interior that oozes when at the peak of ripeness and temperature

Have a new product, press release or story idea?

Let us know

Waymouth Farms Showcased New Plant Protein Topping at PMA Fresh Summit 2018

The U.S.-based snack company launches a new line of plant-based super-food snacks and expands its popular salad topping brand with two new flavors.
View Press Release

Only 20% of U.S. Adults Likely to Buy “Clean Meat”

A new study conducted by Kadence International has revealed U.S. consumers’ attitudes towards "clean meat."
View Press Release

American Butter Institute Urges FDA to Address Mislabeled “Butter” Products

The company urges the USDA to take prompt enforcement action against seven “butter” substitutes that allegedly violate the agency’s food labeling requirements.
View Press Release

Harvest A Great Time This Fall With These Hampton Farms Recipes On Your Table

The company partners with and supports local farms to seed and harvest all its peanuts.
View Press Release

Beetology Introduces New Beverages

The company launches cold-pressed, simple, nutrition-packed wellness juices made from nature's superfood—beets.
View Press Release

The Spice Lab is Now USDA NOP Organic Certified

The USDA Organic seal assures consumers that products are 95% or more certified organic.
View Press Release

Valio Unveils On-Trend Food Innovations and Ingredients Solutions at SIAL Paris

The company plans to showcase its latest food innovations and tailor-made ingredients solutions at the upcoming show.
View Press Release

Charlotte-Based Hissho Sushi Makes N.C. Mid-Market Fast 40 List

This year marks 20 years since Hissho Sushi was founded in Charlotte, NC.
View Press Release

Anheuser-Busch Inbev & DS Smith Plastics Named 2018 Excellence in Reusable Packaging Award Winners

RPA announces two winners in the 2018 Excellence in Reusable Packaging award program.
View Press Release

It's Pumpkin Spice Season!

Litehouse debuts a fresh look for its line of deliciously indulgent caramel dips and a limited-edition flavor: Pumpkin Spice Caramel.
View Press Release