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    • Third quarter earnings commentary from Jeff Ettinger, CEO

      Hormel Foods reports third quarter earnings and raises full year earnings guidance

      I am pleased to announce we achieved record earnings and volume sales this quarter! On a GAAP basis, we reported our third quarter net earnings at $146.9 million, up six percent from net earnings a year ago.

      Our balanced business model prevailed once again this quarter, as we were able to overcome the significant challenge of avian influenza in our Jennie-O Turkey Store segment to deliver record earnings and volume sales. Grocery Products drove earnings growth with favorable input costs and increased sales of Hormel® chili and SKIPPY® peanut butter. Specialty Foods also delivered excellent results, as the team continues to increase the sales of Muscle Milk® protein-rich beverages and powders, and improve the cost structure and synergies between our CytoSport and Century Foods businesses. Revenues were down for the quarter, impacted by lower pricing due to declining pork markets affecting our Refrigerated Foods and International segments, and the loss of sales related to avian influenza in the Jennie-O Turkey Store segment.

      I am pleased to welcome the Applegate team to Hormel Foods now that we finalized the acquisition in mid-July. Together, we will expand our offerings in the high-growth natural and organic meat category, allowing us to reach even more consumers with the Applegate® brand.

      Looking forward to the fourth quarter, we expect a strong finish to the year from our Specialty Foods segment with the fast-paced growth and improved cost structure of our Muscle Milk® protein-rich beverages and powders. While Jennie-O Turkey Store will continue to show year-over-year declines due to the impact of avian influenza, we are pleased with our team’s ability to navigate this difficult challenge. Our International segment will face headwinds in the pork export markets over the near term. We look to Refrigerated Foods and Grocery Products to continue to drive earnings increases with input cost tailwinds and growth in key value-added products.

      Due to our strong earnings performance, we are raising our 2015 non-GAAP1 earnings guidance range to $2.57 to $2.63 per share, a 15 to 18 percent earnings increase over a record performance in fiscal 2014.

      Our large portfolio of leading brands and sustained focus on innovation should allow us to have a strong finish 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 2015-08-31 16:03 EST
      61.10 -0.40   -0.65%
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