Refrigerated foods heat up Hormel numbers
May 20, 2004 1:37 PM, from staff and wire reports
Assisted by a steep rise in operating profit for its refrigerated foods group, Hormel Foods Corp reported fiscal 2004 second quarter net earnings of $53.7 million, up 59% from $33.8 million a year earlier. Sales for the Austin MN-based marketer of meat and food products totaled $1.1 billion, up from $1.0 billion in the comparable period a year ago.
Refrigerated Foods operating profit soared 167%, and sales rose 14% in the 2004 quarter. Also in the quarter, Jennie-O Turkey Store operating profit shot up 165%, and its sales climbed 11%.
For the six months ended April 24, Hormel saw net earnings of $105.5 million, versus $80.7 million for the same period a year earlier. Sales totaled $2.3 billion, up from $2.0 billion in the same period a year ago.
