Hormel carves out a fine fiscal performance
Oct 1, 2005 12:00 PM
Hormel Foods, the Austin MN-based marketer of meat and food products, reported fiscal 2005 third quarter net earnings of $51.4 million, up 15% from adjusted earnings from operations of $44.8 million a year earlier. Sales totaled $1.4 billion, up from $1.2 billion in fiscal 2004.
For the nine months ended July 31, 2005, net earnings were $171.7 million, compared with $150.3 million from adjusted earnings from operations a year ago. Sales totaled $3.9 billion, up 15% from $3.4 billion in the same period a year earlier.
“Our turkey business delivered another outstanding quarter driven by continued value-added sales growth, lower grain markets, and efficiencies in our production facilities,” said Joel W Johnson, chairman of the board and chief executive officer. “Impressive growth from several of our value-added products in Refrigerated Foods and key categories in the Grocery Products segment benefited the bottom line, as well.”
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