Hormel Foods has booked an increase in full-year earnings on the back of growth in all but one of its divisions.
In the 52 weeks ended 27 September, earnings climbed to US$530.1m from $505m a year earlier. Operating profit reached $806m from $764.7m in the prior year.
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Earnings were up in all of the firm’s divisions except its Jennie-O Turkey division, which saw operating profit fall 6.8% to $222.1m.
Sales amounted $8.75bn compared to $8.23bn in fiscal 2012.
Looking ahead, CEO Jeffrey Ettinger said: “We expect to benefit from lower grain and turkey commodity costs, while high beef input costs and uncertainty of hog supplies may offset some of those gains headed into the new year. Taking all of the relevant factors into account, we are setting our 2014 earnings guidance range at $2.17 to $2.27 per share.”
Click here to view the full earnings release.
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