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    • First quarter earnings commentary from Jeff Ettinger, CEO
      Hormel Foods achieves record first quarter earnings

      I am excited to report that we are off to an excellent start to our fiscal year, achieving double-digit earnings growth and record sales. Dollar sales increased by seven percent to $2.4 billion and non-GAAP1 adjusted diluted earnings per share were up 21 percent to 69 cents per share.

      Our balanced business model continues to support consistent revenue and earnings growth. Jennie-O Turkey Store increased operating profit by 56 percent, resulting from strong value-added products sales growth, robust turkey markets and favorable grain costs. Refrigerated Foods also turned in an excellent quarter by driving an increase in value-added sales, aided by the benefit of lower pork costs. High input costs and soft sales of some brands continue to challenge Grocery Products, while International & Other delivered nice increases despite difficult export markets. Specialty Foods is focused on driving higher margins in the newly acquired CytoSport business, and we believe the business is well positioned going forward to deliver results in line with our expectations.

      Our first quarter results provide positive momentum and we expect the growth currently provided by Refrigerated Foods, Jennie-O Turkey Store and International value-added businesses to drive results throughout the year. We look for Grocery Products and Specialty Foods segments to contribute to our growth goals in the back half of the year with lower input costs, brand-building media campaigns and innovative new products.

      Due to our strong performance in the first quarter, we are raising our 2015 non-GAAP1 adjusted earnings per share guidance range from $2.45 to $2.55 per share to $2.50 to $2.60.

      Our large portfolio of leading brands and sustained focus on innovation should allow us to build upon the momentum of our excellent start to the year. Thank you for your dedication and continued focus!

      1 The non-GAAP adjusted financial measurements are presented to provide investors additional information to facilitate the comparison of past and present operations. For more information and the complete release, click HERE.

      The Hormel Foods Corporation Charitable Trust Education Matching Gifts Program

      Download the new matching gifts form and conditions by clicking here. Read the back of the form carefully for the eligibility requirements for institutions and donations. Questions can be directed to Becci Smith in corporate communications at rjsmith@hormel.com or 507-437-5345.

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    • HRL Hormel Foods Corp

      Stock Price as of 2015-02-27 16:06 EST
      58.51 +0.05   +0.09%
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