Market Overview

I think you’ll love what you hear,
what you’ll see and the opportunities
that will be set before you.
- Jon Najarian

UPDATE: Hormel Foods FQ3 Profit Beats Estimates


Hormel Foods (NYSE: HRL) reported better-than-expected fiscal third-quarter profit.

The Austin, Minnesota-based company posted quarterly net earnings of $138.0 million, up from $113.6 million, in the year-ago period. Its earnings per share rose 21% to $0.51 from $0.42.

Its sales gained 6% to $2.3 billion. However, analysts were expecting earnings of $0.48 per share on revenue of $2.23 billion.

Hormel's Grocery Products operating profit fell 36%, while sales dropped 3% in the quarter. Refrigerated Foods segment profit climbed 101%, while sales rose 12%. Jennie-O Turkey Store segment profit jumped 42%, while sales increased 4%.

The Specialty Foods segment's operating profit declined 25%, while sales declined 10%. The International & Other segment's profit surged 12%, while sales gained 18%.

Jeffrey M. Ettinger, chairman of the board, president and chief executive officer said, “Strong demand for pork and turkey, and increased sales of value-added products in our Refrigerated Foods, Jennie-O Turkey Store and International & Other segments more than offset a challenging quarter for our Grocery Products and Specialty Foods segments.”

Hormel Foods expects FY14 earnings of $2.17 to $2.27 per share, versus analysts' estimates of $2.19 per share.

Hormel Foods shares gained 0.61% to $48.15 in after-hours trading.

Posted-In: profitEarnings News Guidance


Related Articles (HRL)

View Comments and Join the Discussion!

Penn West Receives Waiver Of Defaults From Noteholders

Galena Biopharma Appoints Mark W. Schwartz, Ph.D., As President And CEO