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    • Third quarter earnings commentary from Jeff Ettinger, CEO

      Congratulations to our team for delivering a great quarter! I am pleased to announce our third quarter earnings at a record 51 cents per share, up 21 percent. We also achieved a 6 percent increase in sales for the quarter, totaling $2.3 billion. 

      Strong demand for pork and turkey, and increased sales of value-added products in Refrigerated Foods, Jennie-O Turkey Store and International & Other segments, more than offset a challenging quarter for Grocery Products and Specialty Foods. Our balanced business model continues to support consistent revenue and earnings growth.

      Refrigerated Foods
      Our Refrigerated Foods team posted an excellent quarter with segment profit increasing 101 percent, and sales increasing 12 percent. Results were driven by strong pork operating margins and growth of retail and foodservice value-added products. Hormel® Black Label® bacon, Hormel® REV® wraps, Lloyd’s® ribs, Hormel® Bacon 1™ perfectly cooked bacon and Hormel® Fire Braised™ meats all experienced sales growth.

      Jennie-O Turkey Store
      Jennie-O Turkey Store segment profit increased 42 percent this quarter and sales were up 4 percent. Increased sales of value-added products along with strong commodity turkey prices and lower feed costs led the way. Jennie-O® ground turkey and value-added products in our foodservice and deli lines contributed to sales growth during the quarter.

      International & Other
      The International & Other segment reported segment profits up 12 percent and a sales increase of 18 percent. Results were driven by strong growth in our China pork foodservice sales along with the addition of SKIPPY® peanut butter in China.

      Specialty Foods
      The Specialty Foods segment posted operating profits 25 percent lower than last year with a 10 percent decrease in sales. As expected, lower segment results were largely caused by the July 2013 expiration of the agreement allowing Diamond Crystal Brands to sell certain sugar substitutes into foodservice trade channels.

      Grocery Products
      Grocery Products operating profit decreased 36 percent and total segment sales decreased 3 percent, as our core canned meat and microwave meal franchises were impacted by high input costs and related pricing actions taken earlier this year. SKIPPY® peanut butter, Hormel® bacon toppings and the Herdez® products within our MegaMex Foods joint venture delivered volume growth.

      Heading into the fourth quarter, we will build on the momentum of SKIPPY® peanut butter and Hormel® REV® wraps with advertising campaigns during the back-to-school season. We can also be excited about the enhancement to our portfolio of leading brands with the addition of Muscle Milk® premium protein products in the high-growth sports nutrition category.

      Congratulations again on the strong third quarter results achieved by our team and thank you for your continued focus going forward.

      - Jeff

      Click here for the full press release.

      The Hormel Foods Corporation Charitable Trust Education Matching Gifts Program

      Download the new matching gifts form and conditions, click 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 2014-08-27 16:05 EST
      50.36 +0.22   +0.44%
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