US food group Hormel Foods has booked an increase in third-quarter profits as all five of its business segments reported earnings growth.
In the three months ended 29 July, profit climbed 13% to US$111.2m, the company reported yesterday (22 August).
Hormel said it had “an excellent quarter”, led by its grocery products segment, which recorded 32% profit growth.
Operating profit reached $171.8m compared to $146.8m last year.
Sales for the quarter amounted to $2bn, up 5% from the same period in fiscal 2011.