Hormel Foods Corporation reported record performance for the fiscal year 2015 fourth quarter and full year. Q4 non-GAAP adjusted diluted EPS was $0.74, up 17 percent from $0.63 per share.
Article continues below
GAAP diluted EPS was $0.69. Dollar sales were $2.4 billion, down 6 percent; volume down 2 percent. Grocery Products operating profit was up 57 percent; volume up 5 percent; dollar sales up 4 percent.
Excluding incremental net sales of MegaMex Foods products, volume went down 2 percent and dollar sales down 2 percent.
Refrigerated Foods operating profit up 27 percent; volume up 2 percent (volume flat excluding sales of APPLEGATE natural and organic meats); dollar sales down 5 percent (dollar sales down 12 percent excluding sales of APPLEGATE natural and organic meats).
Jennie-O Turkey Store operating profit down 23 percent; volume down 21 percent; dollar sales down 18 percent. Decreases reflect the substantial impact of the avian influenza outbreak, as flocks lost earlier in the year created large volume shortfalls in operations and sales.
Specialty Foods operating profit up 63 percent; volume up 1 percent; dollar sales down 3 percent.
International & Other operating profit up 3 percent; volume up 5 percent; dollar sales flat.
For the year ended October 25, 2015, non-GAAP1 adjusted net earnings were a record $714.4 million, up 19 percent from net earnings of $602.7 million last year.
Non-GAAP adjusted diluted earnings per share2 were $2.64, up 18 percent from diluted net earnings per share of $2.23 last year. On a GAAP basis, the company reported fiscal 2015 net earnings of $686.1 million.
GAAP diluted earnings per share were $2.54. Sales for the year ended October 25, 2015, totaled $9.3 billion, down 1 percent from last year.
The board authorized a 2-for-1 stock split. It would be the second stock split in five years and the 10th in the company's 124-year history. ■
Residents in coastal North Carolina and Virginia braced for potential flooding after Tropical Storm Ophelia made landfall near a North Carolina barrier island on Saturday morning, bringing rain, damaging winds and dangerous surges of water.