Hormel net earnings rises 7 percent - US - US marketer of consumer meat and food products Hormel Foods Corporation announced on Feb 27 that its fiscal 2006 first quarter net earnings of US$69.3 million rose 7 percent from earnings of US$64.6 million the previous year.

The company said its first quarter sales reached US$1.4 billion, an increase from US$1.3 billion in fiscal 2005.

Its Jennie-O Turkey Store, which constitutes 19 percent of sales, enjoyed high turkey meat markets, lower feed costs and sales growth.

Making up 53 percent of sales, its Refrigerated Foods division achieved a 3-percent higher operating profit aided by contributions from last year's acquisitions and growth such as Hormel refrigerated entrees and flavoured meats.

Source: eFeedLink - 2nd March 2006