USA: Hormel Foods earnings rise for Q4, year
For the year ended October 30, 2005, net earnings were $253.5 million compared to $218.9 million from adjusted earnings from operations a year ago. In fiscal 2004, GAAP earnings were $231.7m, which includes $12.8m of infrequently occurring transactions. Sales totalled $5.4 bn in fiscal 2005, up 13 percent from $4.8bn last year.
"We had a strong finish to an outstanding year," said Joel W. Johnson, chairman of the board and chief executive officer. "All five segments reported year-over-year improved earnings in the fourth quarter, despite an extra week in last year's quarter. The Jennie-O Turkey Store operation led the way with the largest operating profit improvement compared to last year. A combination of high turkey meat markets, lower feed costs and improved production efficiencies all contributed to the excellent performance."
"The Grocery Products segment reported another quarter of improved top and bottom line results driven by double-digit growth from our microwave line of products. Also, lower pork costs, which decrease the cost of goods for items like the Spam family of products, are beginning to benefit this segment. We expect pork costs to be lower in 2006 compared to 2005. Specialty Foods, a segment we have been building over the last couple of years, reported improved operating profits from strong sales of core products like sugar substitutes." Johnson said.
"Demand for our value-added protein products that are sold through our Refrigerated Foods segment continues to be good and the two acquisitions that were made earlier in the year, Lloyd's Barbeque Company and Clougherty Packing Co., are meeting expectations. Within the All Other segment, our International division delivered improved operating profits driven by increased sales of the Spam family of products, Stagg chili and better results from our
Companies: Hormel Foods
Meat packaging is at the heart of two new trends in the US. A Massachusetts company is developing food labels that change colour to signal the freshness of packaged meat, while several retailers are r...
Hormel Foods Corporation, the multinational marketer of consumer-branded meat and food products, has reported fiscal 2006 first quarter net earnings of US$69.3m, up 7% from last year. Diluted earnings...
US consumer-branded meat and food products firm Hormel Foods has increased its fourth-quarter earnings guidance, boosted by better-than-expected results from the Jennie-O Turkey Store and grocery prod...
US food maker Hormel Foods has named Jeffrey Ettinger to be the company's ninth chief executive officer....
US food company Hormel Foods has reported lower third-quarter profit but said the outlook for the business was good going into the fourth quarter....
The domestic operations of Philippines food company San Miguel have posted a second quarter operating income of 800m pesos (US$14.3m) for the second quarter, four times the first quarter result and 27...
Food processor Hormel Foods has announced the retirement of two senior executives and a series of management changes to follow those retirements....
Food processor Hormel Foods is ceasing the use of chemical preservatives to process one of its sliced meats lines....
- What next for Nestle under new CEO Schneider?
- Unilever is "working harder" in tough environment
- Hemp food sales in the US set for growth
- Nestle catering for an ageing global population
- Brexit and UK food market policymaking
- Unilever sees growth but spreads decline continues
- Dairy Crest sees "momentum" in spreads
- Campbell's Soup's sustainable growth strategy
- Mars launches frozen desserts range
- Campbell takes Unilever to court in Australia