Hormel Foods Corporation – HRL – Had an excellent quarter

Hormel Foods Corporation (NYSE: HRL) reported its performance for the fiscal year 2012 third quarter. All comparisons are to the third quarter or first nine months of fiscal 2011.

HRL Highlights

HRL Third Quarter

• Diluted EPS of $.41 up 14 percent from diluted EPS of $.36
• Segment operating profit up 17 percent
• Dollar sales of $2.0 billion, up 5 percent
• Volume up 4 percent
• Grocery Products operating profit up 32 percent; volume up 16 percent (volume up 2 percent excluding sales of Don Miguel products); dollar sales up 21 percent (dollar sales up 3 percent excluding sales of Don Miguel products)
• Jennie-O Turkey Store operating profit up 12 percent; volume up 3 percent; dollar sales up 7 percent
• Refrigerated Foods operating profit up 7 percent; volume up 1 percent; dollar sales flat
• Specialty Foods operating profit up 18 percent; volume up 4 percent; dollar sales up 11 percent
• All Other (primarily Hormel Foods International) operating profit up 55 percent; volume up 3 percent; dollar sales up 2 percent

The company reported fiscal 2012 third quarter net earnings of $111.2 million, up 13 percent from net earnings of $98.5 million a year earlier. For the nine months ended July 29, 2012, net earnings were $367.4 million, up 3 percent from net earnings of $356.9 million the same period last year. Diluted net earnings per share for the nine months ended July 29, 2012, were $1.37, up 5 percent from diluted net earnings per share of $1.31 last year.

Sales for the quarter were $2.0 billion, up 5 percent from the same period in fiscal 2011. For the nine months ended July 29, 2012, sales totaled $6.1 billion, up 5 percent from the same period last year.

“We had an excellent quarter, with earnings per share and sales up 14 percent and 5 percent, respectively,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. “All five segments reported increased earnings, led by our Grocery Products segment. Our strong sales growth across multiple segments demonstrates that our products are connecting well with consumers.

About Hormel Foods – HRL

Hormel Foods Corporation (HRL), based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. HRL leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.