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Hormel Foods diluted EPS $0.63

Staff writer |
Hormel Foods Corporation reported record performance for the fiscal year 2014 fourth quarter and full year. Fourth quarter saw a record diluted EPS of $0.63, up 9 percent from $0.58 per share.

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Q3 egment operating profit increased 9 percent. Record dollar sales were $2.5 billion, increased 9 percent; volume up 3 percent.

The fourth quarter:

Grocery Products operating profit down 21 percent; volume down 5 percent; dollar sales down 3 percent

Refrigerated Foods operating profit up 10 percent; volume up 1 percent; dollar sales up 9 percent

Jennie-O Turkey Store operating profit up 45 percent; volume up 7 percent; dollar sales up 11 percent

Specialty Foods operating profit down 14 percent; volume up 15 percent (volume down 7 percent excluding sales of CytoSport Holdings, Inc. (“CytoSport”) products); dollar sales up 31 percent (dollar sales down 4 percent excluding sales of CytoSport products); CytoSport acquisition-related charges, including transaction costs and inventory adjustment to fair market value, were approximately $9.3 million

International & Other operating profit up 3 percent; volume up 6 percent; dollar sales up 13 percent

Fiscal Year

Record diluted EPS of $2.23, up 14 percent from diluted EPS of $1.95

Segment operating profit up 16 percent

Record dollar sales of $9.3 billion, up 6 percent; volume up 1 percent

Grocery Products operating profit down 9 percent; volume up 3 percent (volume down 3 percent excluding incremental sales of SKIPPY® products); dollar sales up 3 percent (dollar sales down 2 percent excluding incremental sales of SKIPPY® products)

Refrigerated Foods operating profit up 45 percent; volume flat; dollar sales up 9 percent

Jennie-O Turkey Store operating profit up 23 percent; volume flat; dollar sales up 4 percent

Specialty Foods operating profit down 20 percent; volume down 5 percent (volume down 10 percent excluding sales of CytoSport products); dollar sales down 3 percent (dollar sales down 11 percent excluding sales of CytoSport products)

International & Other operating profit up 19 percent; volume up 15 percent (volume up 5 percent excluding incremental sales of SKIPPY® products); dollar sales up 19 percent (dollar sales up 10 percent excluding incremental sales of SKIPPY® products)

The company reported fiscal 2014 fourth quarter net earnings of $171.3 million, up 9 percent from net earnings of $157.3 million a year earlier. Diluted earnings per share for the quarter were $0.63, up 9 percent compared to $0.58 last year. Sales for the quarter were $2.5 billion, up 9 percent from the same period in fiscal 2013.

For the year ended October 26, 2014, net earnings were a record $602.7 million, up 15 percent from net earnings of $526.2 million last year. Diluted net earnings per share were $2.23, up 14 percent from diluted net earnings per share of $1.95 last year. Sales for the year ended October 26, 2014, totaled a record $9.3 billion, up 6 percent from last year.


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