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...earlier
-- Dollar sales $1.2 billion increased 13 percent from prior
year
-- Volume up 3 percent compared to last year
-- Refrigerated Foods operating profit up 183 percent; volume
down 8 percent due to discontinuation of hog processing at
Rochelle, IL; dollar sales up 8 percent
-- Jennie-O Turkey Store operating profit down 15 percent, volume
up 3 percent; dollar sales up 6 percent
-- Grocery Products operating profit down 26 percent; volume down
3 percent; dollar sales down 4 percent
-- Specialty Foods operating profit up 411 percent (162 percent
w/o acquisitions); volume up 185 percent (16 percent w/o
acquisitions); dollar sales up 246 percent (26 percent w/o
acquisitions)
-- Turkey commodity markets returned to more normal levels
resulting in improved margins
-- The company begins expensing stock options; 1 cent negative
impact in the quarter
Fiscal Year
-- EPS of $1.33, compared with $1.35 a year ago; business
momentum improved as year ended
-- Dollar sales of $4.2 billion increased 7 percent from prior
year
-- Volume up 3 percent compared to last year
-- Refrigerated Foods operating profit up 45 percent; volume down
6 percent; dollar sales up 2 percent
-- Grocery Products operating profit up 2 percent; volume up 1
percent; dollar sales up 3 percent
-- Jennie-O Turkey Store operating profit down 40 percent; volume
up 4 percent; dollar sales up 5 percent
-- Specialty Foods operating profit up 88 percent (22 percent w/o
acquisitions); volume up 132 percent (14 percent w/o
acquisitions); dollar sales up 145 percent (16 percent w/o
acquisitions)
Hormel Foods Corporation (NYSE:HRL), the multinational marketer of consumer-branded meat and food products, today reported fiscal 2003 fourth quarter net earnings of $70.4 million, up 4 percent from $68.0 million a year earlier. Earnings per share were $.50 versus $.49 in the fiscal 2002 fourth quarter. Sales totaled $1.2 billion, up from $1.0 billion in the same period last year.
For the 12 months ended October 25, net earnings were $185.8 million, or $1.33 per share, compared to $189.3 million, or $1.35 per share in the prior year. Sales totaled $4.2 billion, up from $3.9 billion in the same period last year.
COMMENTARY AND OUTLOOK
"Strong demand for our refrigerated, value-added products and a faster-than-expected turnaround in the turkey markets provided a strong finish to our fiscal year," said Joel W. Johnson, chairman of the board, president and chief executive officer. "Refrigerated Foods was the clear stand-out with operating profit up...
NOTE: All illustrations and photos
have been removed from this article.
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