However, the corporation reported record performance for the fiscal year 2015 third quarter overall, and raised their full year earnings guidance.

On a GAAP basis, the company reported fiscal 2015 third quarter net earnings of $146.9 million, up 6 per cent from net earnings of $138.0 million a year earlier. Diluted earnings per share for the quarter were $0.54 this year compared to $0.51 per share last year.

Excluding Applegate transaction costs, the company reported fiscal 2015 third quarter non-GAAP1 net earnings of $152.5, up 11 per cent from net earnings of $138.0 million a year earlier. Non-GAAP1 diluted earnings per share for the quarter were $0.56, up 10 per cent compared to $0.51 per share last year.

Sales for the quarter were $2.2 billion, down 4 per cent from the same period in fiscal 2014, but sales by volume were up 3 per cent.

Jennie-O Turkey Store segment operating profit was down 45 per cent, sales volume was down 16 per cent; and dollar sales were down 12 per cent. The company's statement said that these decreases reflect the substantial impact of the avian influenza outbreak earlier this year.

Other results reported included:

• Refrigerated Foods segment operating profit up 9 per cent (including Applegate transaction costs of $8.6 million); volume up 2 per cent; dollar sales down 11 per cent.
• Grocery Products segment operating profit up 57 per cent; volume up 10 per cent; dollar sales up 8 per cent. Excluding incremental net sales of MegaMex Foods products, volume and dollar sales flat.
• Specialty Foods segment operating profit up 79 per cent; volume up 26 per cent; dollar sales up 31 per cent. Excluding incremental sales of CytoSport Holdings, Inc. (“CytoSport”) products, volume up 1 per cent and dollar sales down 7 per cent.
• International & Other segment operating profit up 3 per cent; volume down 4 per cent; dollar sales down 6 per cent.