Hormel Foods Corporation reported record performance for the fiscal year 2015 third quarter. All comparisons are to the third quarter of fiscal 2014.
Article continues below
Record diluted EPS of $0.54; non-GAAP diluted EPS of $0.56 excluding Applegate Farms transaction costs of $8.6 million or $0.02 per share.
2015 non-GAAP adjusted earnings guidance range increased to $2.57 to $2.63 per share2, includes neutral full year impact of Applegate acquisition.
Record volume sales, up 3 percent; dollar sales of $2.2 billion, down 4 percent. Refrigerated Foods segment operating profit up 9 percent (including Applegate transaction costs of $8.6 million); volume up 2 percent; dollar sales down 11 percent.
Jennie-O Turkey Store segment operating profit down 45 percent; volume down 16 percent; dollar sales down 12 percent. Decreases reflect the substantial impact of the avian influenza outbreak earlier this year.
Grocery Products segment operating profit up 57 percent; volume up 10 percent; dollar sales up 8 percent. Excluding incremental net sales of MegaMex Foods products, volume and dollar sales flat.
Specialty Foods segment operating profit up 79 percent; volume up 26 percent; dollar sales up 31 percent. Excluding incremental sales of CytoSport Holdings, Inc. (“CytoSport”) products, volume up 1 percent and dollar sales down 7 percent.
International & Other segment operating profit up 3 percent; volume down 4 percent; dollar sales down 6 percent.
On a GAAP basis, the company reported fiscal 2015 third quarter net earnings of $146.9 million, up 6 percent from net earnings of $138.0 million a year earlier. Diluted earnings per share for the quarter were $0.54 this year compared to $0.51 per share last year.
Excluding Applegate transaction costs, the company reported fiscal 2015 third quarter non-GAAP1 net earnings of $152.5, up 11 percent from net earnings of $138.0 million a year earlier. Non-GAAP1 diluted earnings per share for the quarter were $0.56, up 10 percent compared to $0.51 per share last year.
Sales for the quarter were $2.2 billion, down 4 percent from the same period in fiscal 2014. ■