Turkey flies highest in Hormel's fiscal 2Q
May 27, 2005 8:54 AM, from staff and wire reports
Hormel Foods Corp, the Austin MN-based food producer and distributor, reported fiscal 2005 second quarter net earnings of $55.8 million, a 4% gain from $53.7 million a year ago. Sales totaled $1.3 billion, up from $1.1 billion in fiscal 2004.
For the six months ended May 1, 2005, net earnings were $120.3 million, a 15% advance versus $105.5 million a year earlier. Sales totaled $2.6 billion, up 13% from $2.3 billion in the same period the year before.
Jennie-O Turkey Store operating profit shot up 103%, with dollar sales rising 4%. Refrigerated Foods operating profit retreated 31%, though dollar sales climbed 27%.
“Our turkey business was the clear standout in the quarter," said Joel W Johnson, chairman of the board and chief executive officer. "A combination of continued value-added sales growth, higher turkey meat markets, lower grain markets, and efficiencies in our production facilities all contributed. We expect this same operating environment for the rest of the year.”
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