Hormel Foods has released another record-breaking financial report for Q3 2016, this being the thirteenth consecutive quarter of record earnings. The company’s net earnings hit a high of $195.7 million, up 33 percent from net earnings of $146.9 million in Q3 2015.
“We are pleased to announce exceptional results this quarter with three of our five segments delivering volume, sales, and earnings growth,” said Jeffrey M. Ettinger, Chairman of the Board and Chief Executive Officer, noting that the thirteenth consecutive record quarter was a testament to the company’s business model. “Excellent results in Refrigerated Foods were driven by the addition of the Applegate business, foodservice sales of OLD SMOKEHOUSE® bacon, HORMEL® BACON 1™ fully cooked bacon, and HORMEL® FIRE BRAISED™ meats, and retail sales of HORMEL® NATURAL CHOICE® meats.”
Ettinger also added that the company’s Jennie-O Turkey Store posted strong double-digit sales and earnings increases, as well as strong showings from SPAM®, SKIPPY®, and MUSCLE MILK® brands.
Other highlights from Hormel’s financial report include:
Will Hormel continue its upward climb towards record growth? Keep checking in with Deli Market News for more.