Hormel Foods Q1 Sales Increase To $1.82m
Hormel Foods has reported sales of $1.82m for the first quarter of fiscal 2010, an increase of 2.3% compared to $1.78m for the same quarter previous year. Net earnings for the quarter was $111.2m, up 37% compared to $81.4m for the previous year quarter.
Diluted earnings per share for the quarter was $0.82 per share compared to $0.6 per share for the same period last year. Segment operating profit for the quarter increased 33.9% to $185m from $138.1m for the same period last year.
For Grocery Products segment, operating profit increased 37% compared to the previous year quarter. For Refrigerated Foods segment, operating profit increase of 53% compared to the prior year quarter. For the quarter, Jennie-O Turkey Store operating profit was up 14% and Specialty Foods segment operating profit up 28%. All Other operating profit down 6%; volume up 5% for the quarter.
Jeffrey Ettinger, chairman of the board, president and chief executive officer of Hormel Foods, said: “A s a result of our better than expected results in the first quarter, we are raising our full year guidance range from $2.63 to $2.73 per share to $2.68 to $2.78 per share.
“We anticipate higher hog costs as we progress through the year, and we recognize the strong investment performance in our rabbi trust last year will result in a more difficult comparison. Nevertheless, we believe our strong portfolio of branded products and the strength of our dedicated team should allow us to build upon the momentum of our excellent start.”
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