News

Hormel reports record performance

22 Aug 2016

Hormel has reported record performance for the fiscal year 2016 third quarter. The company achieved record diluted earnings per share, record net earnings and record dollar sales.

Hormel has reported record performance for the fiscal year 2016 third quarter. The company achieved record diluted earnings per share of $0.36, up 33% from $0.27 per share; record net earnings of $195.7 million, up 33% from net earnings of $146.9 million; record dollar sales of $2.3 billion, up 5%; and volume up 1%.

“We are pleased to announce exceptional results this quarter with three of our five segments delivering volume, sales and earnings growth. This is also our thirteenth consecutive quarter of record earnings which is a testament to our balanced business model,” said Jeffrey M. Ettinger, chairman of the board and chief executive officer. “Excellent results in Refrigerated Foods were driven by the addition of the Applegate business, foodservice sales of Old Smokehouse bacon, Hormel Bacon Fully Cooked Bacon, And Hormel Fire Braised meats, and retail sales of Hormel Natural Choice Meats. Jennie-O Turkey store also returned to growth, posting strong double-digit sales and earnings increases.”

“Iconic brands such as Spam and Skippy drove increased sales in our grocery products and international segments. We enjoyed strong growth from Muscle Milk protein products led by innovative new items such as Muscle Milk protein smoothies, though Specialty Foods did not show growth this quarter due to the sale of Diamond Crystal Brands.”