USA: Hormel Foods reports 18% increase in Q1 net earnings
Austin, Minnesota-based Hormel Foods Corporation, the multinational marketer of consumer-branded meat and food products, today reported net earnings for the fiscal 2002 Q1, ended 26 January 2002, of US$50.4m. This was an increase of 18% from net earnings of US$42.8m (adjusted for SFAS 142) in the comparable 2001 period. The impact of SFAS 142, which eliminates goodwill amortization, would have increased fiscal 2001 Q1 earnings by US$1.2m, or US$.01 per share. Earnings per share were US$.36, up 16% from US$.31 in the fiscal 2001 Q1 (US$.30 before the impact of SFAS 142).
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