Hormel Foods Corporation (HRL) reported its performance for the fiscal year 2014 second quarter. All comparisons are to the second quarter of fiscal 2013.
The company reported fiscal 2014 second quarter net earnings of $140.1 million, up 12 percent from net earnings of $125.5 million a year earlier.
Diluted earnings per share for the quarter were $0.52, up 13 percent compared to $0.46 last year. Sales for the quarter were $2.2 billion, up 4 percent from the same period in fiscal 2013.
"Our team achieved a record second quarter both in terms of dollar sales and earnings per share," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer.
Grocery Products operating profit increased 16 percent, aided in part by a favorable comparison to fiscal 2013 which included SKIPPY peanut butter acquisition costs.
Total segment sales were flat. SKIPPY peanut butter products, HORMEL bacon toppings, and the HERDEZ line of products within our MegaMex Foods joint venture delivered sales growth.
The Specialty Foods segment posted operating profits 26 percent lower than last year with a 12 percent decrease in sales.
The International & Other segment continued to generate strong growth with segment profits up 34 percent and a sales increase of 23 percent.
