Record Second Quarter Earnings for Hormel Foods

US - Meat product manufacturer Hormel Foods has reported record performance for the fiscal year 2015 second quarter.
calendar icon 22 May 2015
clock icon 3 minute read

The company reported fiscal 2015 second quarter net earnings of $180.2 million, up 29 per cent from net earnings of $140.1 million a year earlier.

Diluted earnings per share for the quarter were $0.67, up 29 per cent compared to $0.52 last year.

Sales for the quarter were $2.3 billion, up 2 per cent from the same period in fiscal 2014. The volume of sales were up 5 per cent.

The company is divided into five segments, each with different products.

The Jennie-O Turkey Store segment did well, with operating profit up 41 per cent, volume up 14 per cent and dollar sales up 15 per cent.

The Refrigerated Foods segment reported operating profit up 52 per cent, but dollar sales down 8 per cent.

The Grocery Products segment showed operating profit and dollar sales up 1 per cent, with volume up 4 per cent. Excluding incremental net sales of MegaMex Foods products, sales volume was down 4 per cent and dollar sales were down 5 per cent.

The Speciality Foods segment reported operating profit up 11 per cent, volume up 17 per cent and dollar sales up 32 per cent. Excluding incremental sales of CytoSport Holdings, Inc. products, volume was down 6 per cent and dollar sales down 6 per cent.

The International and Other segment operating profit up 2 per cent, volume down 3 per cent and dollar sales down 7 per cent.

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