Meat&Poultry - June 2013 - (Page 13)

Hormel income dips on Jennie-O results, acquisitions The Refrigerated Foods segment had operating profit of $54,680,000, up 3 percent from $53,009,000 during the same quarter of the previous year. The segment had sales of $1,011,370,000, down 2 percent from $1,031,975,000. Operating profit within the Jennie-O Turkey segment was $51,999,000, down 26 percent from $70,198,000 during the same quarter of the previous year. The segment had sales of $384,739,000, down 2 percent from $391,053,000. For the six months ended April 28, the company saw Weaker results in the Jennie-O Turkey Store segment, as earnings decline slightly to $255,236,000, or 97 cents per well as costs related to the Skippy acquisition, contributed share, which compared with $256,282,000, or 97 cents, to a 2 percent decline in earnings at Hormel Foods Corp. during the same period of the previous year. during the second quarter. Results in the Jennie-O segment and costs related to the Skippy acquisition, contributed to a 2 percent decline in earnings. The company also said it is maintaining its full-year guidance of $1.93 to $2.03 per share on anticipated benefits from the Skippy acquisition and improved results in Jennie-O Turkey. ■ MP1106 For the quarter ended April 28, the company had earnings of $125,520,000, equal to 47 cents per share on the common stock, which compared with income of $127,887,000, or 49 cents per share, during the same quarter of the previous year. Sales for the quarter were $2,152,686,000, up 7 percent from $2,012,859,000 during the same quarter of the previous year. “We were pleased to deliver sales and volume growth, despite harvest reductions in both our Refrigerated Foods and Jennie-O Turkey Store operations,” said Jeffrey Ettinger, chairman of the board, president and chief executive officer. “In terms of operating profits, improved results by our Specialty Foods, Grocery Products, and International & Other segments did not fully offset weaker results by our Jennie-O Turkey Store segment. Our earnings were also impacted by non-recurring costs related to our acquisition of the Skippy peanut butter business in the amount of $9 million. Overall, earnings per share of 46c during the quarter keep us on track to maintain our full year guidance.” The Grocery Products segment had an operating profit of $47,295,000, up 10 percent from $42,858,000 during the same quarter of the previous year. Sales for the segment were $393,505,000, up 49 percent from $263,993,000. www.MeatPoultry.com • June 2013 • Meat&Poultry • 13 http://www.whirl-pak.com http://www.spectrumed.com

Table of Contents for the Digital Edition of Meat&Poultry - June 2013

Meat&Poultry - June 2013
Table of Contents
Commentary - Now, we're cookin'
Business Notes - China’s Shuanghui makes bid for Smithfield
JBS posts $112.8M in Q1 earnings
COOL opponents vow to press on
Triumph Foods to expand pork facility
Hormel income dips on Jennie-O results, acquisitions
Washington - What’s in a name?
BBQ Report - Low & slow is red hot
BBQ Report - Carnivorous curriculum
Packaging Solutions - Consistency counts
Meat Processing Operations & Engineering - Small but savvy
Rooted in meat
Pushing pests out
Sanitation Tips - Usual suspects
CEO Series - Fit to lead
Ingredient Solutions - Meat makeover
Meat Perspectives - HAACP and more
From the Corral - STUNNING evidence
Names in the News
New Product Showcase
Classified Advertising
Advertisers
The Insider

Meat&Poultry - June 2013

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