USA, Austin, Minnesota. Hormel Foods Corporation reported record performance for the fiscal year 2016 third quarter. All comparisons are to the third quarter of fiscal 2015. All earnings per share measures have been adjusted to reflect the two-for-one stock split distributed on February 9, 2016.
Grocery products operating profit flat; volume up 1%; dollar sales up 3% and specialty foods operating profit down 13%; volume down 32%; dollar sales down 25%. Decreases reflect the impact from the divestiture of the Diamond Crystal Brands business.
“We are pleased to announce exceptional results this quarter with three of our five segments delivering volume, sales and earnings growth. This is also our thirteenth consecutive quarter of record earnings which is a testament to our balanced business model,” said Jeffrey M. Ettinger, chairman of the board and chief executive officer. The Excellent results in Refrigerated Foods were driven by the addition of the Applegate business, foodservice sales of Old Smokehouse bacon, Hormel Bacon 1 fully cooked bacon, and Hormel Fire Braised meats, and retail sales of Hormel Natural Choice meats. Jennie-O Turkey Store also returned to growth, posting strong double-digit sales and earnings increases.