Austin, Minn,-based Hormel Foods Corporation, reported fiscal 2011 second quarter net earnings Wednesday of $109.6 million, up 20 percent from adjusted net earnings of $91.3 million a year earlier. Sales for the quarter were $2 billion. For the six months ended May 1, net earnings were $258.4 million, up 28 percent from adjusted net earnings of $202.5 million the same period last year.
“We are pleased to report double-digit growth in both earnings and sales for the quarter,” said Jeffrey Ettinger, chairman of the board, president and chief executive officer. “Earnings growth was led by our Refrigerated Foods and Jennie-O Turkey Store segments, both of which had a strong quarter. We are also gratified to attain sales growth in all five of our segments,”
“Our Refrigerated Foods segment generated excellent results, benefitting from strong pork operating margins which were aided by stronger commodity meat prices and improved efficiencies,” said Ettinger. Stronger exports of fresh pork, as well as the Spam family of products, helped the company’s ‘All Other’ segment grow profit 104 percent, and grow net sales by 45 percent.
Source: Hormel Foods Corporation